Cabify has obtained around 70 million euros to accelerate its growth in the market and land in 25 cities in Spain and Latin America. The capital increase has been led by Orilla Asset Management, an investment company of the direct family of Francisco Riberas, the president of the multinational engineering company Gestamp. The company Axis has also participated in the operation, which has entered through financing from the Fond-ICO Next Tech, of the Official Credit Institute.
In this capital, the startup also includes the financing provided by Mutua Madrileña in July of last year. The insurer, which did not make the amount public, made the investment in exchange for obtaining 1.26% of the property in Cabify. Startup sources explain that the round has been complemented with a loan of 40 million euros from the European Investment Bank (EIB), which was obtained to promote the decarbonization of its vehicle fleet.
The Madrid startup, chaired by Juan de Antonio, has not disclosed the valuation it has obtained in this round. In the capital increase that closed in 2018, its value reached 1,400 million euros, thus exceeding the threshold of 1,000 million necessary to become a unicorn. Market sources indicate to this newspaper that now the value of the company has not lost this rating. In the unfavorable economic environment, startup valuations tend to adjust downward.
The money obtained from this capital increase will be invested in expanding the business to 25 new cities in Spain and Latin America with more than 200,000 inhabitants. Currently, the company is in more than 40 cities in 8 countries: Spain, Argentina, Chile, Colombia, Spain, Mexico, Peru and Uruguay. “We want to multiply revenue by three in three years,” say sources from the company, which has a fleet of 1.2 million associated drivers.
The 2022 revenue figure has not yet been made public. According to the latest results released, Cabify Spain had a turnover of 156.5 million euros in 2021. Globally, the company predicted that that year it would exceed 500 million euros, a figure that it did not confirm. The staff is made up of a thousand workers, half of whom are linked to the central offices in Madrid.
