BOGOTA (RockedBuzz via Reuters) – Spanish app Cabify has raised $110 million in funding to accelerate its growth in Latin America and Spain.
Cabify closed the financing round with the participation of investors such as Orilla Asset Management and AXIS, through Fond-ICO Next Tech.
“This commitment from strategic investors is an acknowledgment of Cabify’s positive impact and potential to continue creating long-term value for our investors and the cities in which we operate,” said Cabify CEO Juan de Antonio .
Cabify, whose business volume increased by 32% in 2022 compared to the previous year, said the capital injection will help increase its market share in more than 25 cities in Latin America and Spain with higher populations to 200,000 inhabitants.
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 obtained a 40 million euro loan from the European Investment Bank for the purchase of electric vehicles. The company aims to have all rides through its app be on 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 employs over 1,000 people in Spain and Latin America.
(Reporting by Luis Jaime Acosta and Brendan O’Boyle; Editing by Leslie Adler)