The Spanish passenger transport application cabify achieved a capitalization of 110 million dollars to finance its expansion plan in its headquarters country and in Latin America, as well as its strategy of profitable growth and sustainable mobility, the company reported on Tuesday.
Orilla Asset Management, investment company of the direct family of Francisco Riberas, and AXIS, through Fond-ICO Next Tech, among other investors, participated in the Cabify financing round, joining the investment made by Mutual Madrid in July 2022 and the loan of 40 million euros granted by the European Investment Bank in December.
“This commitment by strategic investors is recognition of the positive impact and potential of cabify to continue creating long-term value for our investors and the cities in which we operate,” the company’s CEO, Juan de Antonio, said in a statement.
The company’s business volume in 2022 exceeded that of 2021 by 32%, demonstrating its ability to generate its own resources and develop its business and mobility transformation plan, betting on profitable growth, the executive assured.
With this new injection of capital, cabify will increase its market share in the countries in which it operates and, among other projects, will expand to more than 25 cities in Latin America and Spain. Among the expansion targets are cities with more than 200,000 inhabitants, the company explained.
The Spanish multimobility company intends that all trips made on its platform be in zero emission vehicles in Spain in 2025 and in Latin America in 2030.
cabifywhich has more than 1,000 employees in Spain and Latin America, announced in November that it will invest 300 million dollars until 2024 to strengthen its presence in Latin America.
The company currently has operations in more than 40 cities in Argentina, Colombia, Chile, Mexico, and Peru. Uruguay and Spain, has more than 42 million registered users and 1.2 million collaborating drivers and taxi drivers.
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