When US tech publication Re/code recently wrote about the companies “trying to edge out Uber” in Latin America, they forgot about Cabify.

The Madrid-based transportation company has been flying under the radar for many in the US and Europe, mostly because of the fact that, despite having a strong presence in Spain, the company has focused its expansion efforts in Latin America and in countries such as Mexico, Chile, Colombia and Peru. LatAm accounted for 80% of Cabify’s business when we last talked to CEO Juan de Antonio back in October 2015.

Co-founded by de Antonio, Sam Lown and Adeyemi Ajao in 2011, Cabify currently has more than 200 employees worldwide. And these numbers are set to grow significantly over the next few months given the company’s last financing round announced this week: $120 million (€109 million), most of it from Japanese e-commerce giant Rakuten.

At €109 million, Cabify’s Series C is the biggest single round to have been raised by a Spanish technology company to date, according to funding data that we’ve been collecting over the past few quarters, cross-referenced with our data partner Dealroom.

(This analysis excludes activity in the biotech and cleantech sectors and is based on investment  figures disclosed at the time of the announcement, for your information.)



Our data shows that Cabify is the only Spanish tech company to have closed a single round above the €100 million barrier to date, a milestone for the local ecosystem.

Besides Cabify, four additional tech Spanish companies have have closed rounds of at least €80 million: Wallapop, LetgoScytl and Privalia. Privalia was just acquired by Vente-Privee for up to €500 million, coincidentally the largest non-telco exit in the history of Spanish tech.

That makes it a pretty significant month of April for Spain’s tech scene.

70% of Spain’s top 20 funding rounds took place in 2015, a record-breaking year for the country with more than €500 million invested in local startups.



It’s also worth noting that it looked like 2016 would be a meager year for Spanish tech when it comes to fundraising. We’ll see if that turns out to be the case.

Unsurprisingly, the vast majority of the rounds above were led by foreign investors. The only exception was Jobandtalent’s €23 million round, completed exclusively with Spanish capital.

The most active foreign investors? Accel Partners (five deals), Index Ventures (three), Insight Venture Partners (three), IDInvest Partners (two) and Eight Roads Ventures (two).


> Interesting in reading more about the European funding markets? Purchase our ‘European Tech Funding Report for Q1 2016’ for just £99.