BOGOTA Reuters Spanish ride-hailing app Cabify raised $110 million in funding aimed at accelerating its growth in Latin America and Spain, the company said on Tuesday.
The funding round was closed with participation from investors like AXIS and Orilla Asset Management.
The commitment by 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, said Juan de Antonio, CEO of Cabify.
Cabify, whose business volume jumped 32% in 2022 from the previous year, said the capital injection will help increase its market share in more than 25 cities in Latin America and Spain with populations over 200,000.
In November, the company, which operates in more than 40 cities in Argentina, Chile, Colombia, Mexico, Peru, Uruguay, and Spain, said it would invest more than $300 million in the next 2024 to strengthen its presence in Latin America.
In December, Cabify secured a 40 million euro loan from the European Investment Bank to purchase electric vehicles. The company hopes to be in zero-emission vehicles by the year 2025 in Spain and by 2030 in Latin America for all rides through its app.
Cabify has over 1,000 employees in Spain and Latin America with 42 million registered users and 1.2 million drivers.