As part of its roadmap towards sustainable mobility, Cabify is implementing actions and investments to achieve its sustainable mobility goals. The Spanish company aims for all trips made on its platform to be in zero-emission vehicles in Spain by 2025 and in Latin America by 2030.
In both regions, electrified mobility projects are being implemented through partnerships with manufacturers and the activation of categories that only incorporate electrified vehicles (plug-in hybrids, electric vehicles, etc.).
In this sense, Cabify has raised 110 million dollars in financing with the participation of Orilla Asset Management (an investment company owned by Francisco Riberas‘ direct family) and AXIS through Fond-ICO Next Tech, among other investors, who have bet on the Spanish project leader in sustainable and technological mobility.
With the resources, the aforementioned players join in the investment round carried out by Mutua Madrileña in July 2022 and the loan granted by the European Investment Bank (EIB).
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Shared Vision
Juan de Antonio, CEO of Cabify, noted that this commitment by strategic investors is a recognition of the company’s positive impact and potential to continue creating long-term value.
“The investors are partners who share our vision for the sustainable mobility industry and will allow us to accelerate in the fulfillment of our strategic plan,” he explained.
Over the last few years, Cabify has demonstrated its ability to generate its own resources and develop its business and mobility transformation plan by betting on profitable growth.
According to data provided by the company on its economic results, the business volume in 2022 is already 24% higher than 2019 levels, and 32% in relation to 2021.
On that particular, de Antonio stressed that the project is living a stage of maturity and sustainable growth unique in its sector. “Our goal is to accelerate our strategic plan and we project a significant increase in revenue volume and profitability.”
Challenges
Cabify plans to multiply its global 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 and, among other projects, expand to more than 25 cities in Latin America and Spain.
Cabify’s expansion targets include cities with more than 200,000 inhabitants. At the end of 2022 and as a result of the closure of operations of the Beat platform in Latin America, Cabify closed a collaboration agreement with this company.
The agreement seeks to reference Cabify as a preferential mobility alternative for passengers and drivers, achieving extraordinary results.
The company’s new resources will enable it to maximize the impact of this collaboration and continue to improve mobility in the region. In addition, the company will continue to invest in new business lines such as Cabify Logistics, the unit launched to transform the logistics needs of companies.
