Cabify's €109 million funding round is the largest one in Spain on record

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.