Cabify Raises $66 Million for Spanish Rideshare Platform
Skift Take
Travel Startup Funding This Week
Each week we round up travel startups that have recently received or announced funding. Please email Travel Tech Reporter Justin Dawes at jd@skift.com if you have funding news.Seven travel tech startups raised more than $102 million this week.
>>Cabify, a rideshare platform, has raised $66.4 million in capital from Orilla Asset Management, AXIS, and others. The amount reported includes an investment by Mutua Madrileña in July 2022.
The company also received a loan of €40 million ($43.6 million) from the European Investment Bank in May 2022.
Madrid-based Cabify users can book a ride in a branded or other taxi through the company’s mobile app. Cabify also partners with other companies to provide a taxi service for corporate transport, events, and shipping and logistics. Users with access to a corporate account and book on ride on the Cabify mobile app.
Founded in 2011, the company has more than 1,000 employees in Spain and Latin America. The company currently operates in more than 40 cities in seven countries and has more than 42 million registered users and 1.2 million drivers.
Cabify plans to expand to more than 25 cities in Latin America and Spain.
The company has set a goal that all the vehicles available through its platform will be zero-emission in Spain by 2025 and in Latin America by 2030.
"The project is experiencing a stage of maturity and sustainable growth that is unique in its sector. Our goal is to accelerate our strategic plan, and, in the coming years, we expect Cabify to significantly increase in revenue volume and profitability,” said Juan de Antonio, CEO of Cabify, in a statement.
>>Reeco, a platform that connects hospit
