Ride-Hailing App Cabify Raises $110 Million For Expansion In Latam, Spain
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The company said on Tuesday that the Spanish ride-hailing app Cabify has raised $110 million in financing to accelerate its growth in Latin America and Spain.
Cabify closed the funding round with participation from investors like Orilla Asset Management and AXIS, through Fond-ICO Next Tech.
“This commitment by strategic investors is a recognition of Cabify’s positive impact and potential to continue creating long-term value for our investors and the cities in which we operate,” Cabify CEO Juan de Antonio said a statement.
Cabify, whose business volume jumped 32% in 2022 from the previous year, said the capital injection will help increase its market share in more than 25 cities in Latin America and Spain with populations over 200,000.
The company, which operates in more than 40 cities in Argentina, Chile, Colombia, Mexico, Peru, Uruguay and Spain, said in November it would invest more than $300 million through 2024 to strengthen its presence in Latin America.
In December Cabify secured a 40 million euro loan from the European Investment Bank aimed at purchasing electric vehicles. The company aims for all rides through its app to be in zero-emission vehicles by 2025 in Spain and by 2030 in Latin America.
With over 42 million registered users and 1.2 million drivers, Cabify employees over 1,000 people in Spain and Latin America.
Questions & Answers
Q.Which specific investors contributed to Cabify's latest funding round?
Which specific investors contributed to Cabify's latest funding round?
The recent funding round included participation from investors such as Orilla Asset Management and AXIS. AXIS's involvement was specifically through Fond-ICO Next Tech, contributing to the $110 million raised for expansion.
Q.What is Cabify's target for zero-emission vehicles across its operations?
What is Cabify's target for zero-emission vehicles across its operations?
Cabify aims for all rides through its app to be in zero-emission vehicles by 2025 in Spain. For its operations in Latin America, the company has set a target for all rides to be zero-emission by 2030.
Q.In how many cities does Cabify currently operate, and which countries are included?
In how many cities does Cabify currently operate, and which countries are included?
Cabify operates in over 40 cities across Argentina, Chile, Colombia, Mexico, Peru, Uruguay, and Spain. The new funding will help increase its market share in more than 25 cities with populations over 200,000.
Q.How much investment has Cabify committed to Latin America through 2024?
How much investment has Cabify committed to Latin America through 2024?
Cabify announced in November that it would invest more than $300 million through 2024. This significant investment is intended to strengthen its presence and operations across various countries in Latin America.
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