Madrid-based International multi-mobility company Cabify has announced it closed a funding round worth $110 million to ‘accelerate its objectives’ as it drives expansion to more cities in Spain and Latin America.
The raise saw participation from Orilla Asset Management (an investment company owned by Francisco Riberas' direct family),AXIS, through Fond-ICO Next Tech, with some other unnamed participant. This announcement also includes investment made by Mutua Madrileña in July 2022 and a loan granted by the EIB.
"This commitment from 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. These are partners who share our vision for the sustainable mobility industry and will enable us to accelerate the delivery of our strategic plan," says Juan de Antonio, CEO of Cabify.
The company plans to multiply its revenues by 3 in the next 3 years. With this new capital injection, it will increase its market share in the countries where it operates. It claims in an estimated preview of its financial results, the company's turnover in 2022 is already 24% higher than in 2019, and 32% higher than in 2021.
There are plans to expand to more than 25 cities in Latin America and Spain.