Cabify raises nearly €20 million from its investors to accelerate its growth in Spain and Latin America

Cabify, the Ibero-American mobility startup, has received a capital infusion of approx 20 million euros From Orilla Asset Management, Rakuten and Mutua Madrileña, which are three of the main investors, as the company explained on Friday in a statement issued after information from Confidentiality.

“The aim of this operation is to take advantage of the new opportunities that the company has in the Spanish market, as well as the growth of new business in Latin America, where Cabify Logistics stands out, a division that doubled its income in 2023 thanks to new business lines such as 24-hour deliveries.” hour,” they say from Cabify.

This round comes after Cabify, in the middle of a scarce year in startup funding, executed one of the largest operations in the ecosystem at the beginning of last year by raising €100 million. This has actually been led by Orilla Asset Management, a company Family office Francisco Ribera, owner of Gestamp, on the other hand, had an ICO involvement.

“They are partners who share our vision for a sustainable mobility industry and will allow us to accelerate the implementation of our strategic plan,” Juan de Antonio, CEO and founder of Cabify, said at the time about some of the investors he turned to again. Even after the emergence of Rakuten’s intention to exit the mobility sector.

The move also comes after what Cabify described as the best results in its history, meaning the company has returned to positive numbers, something it has not achieved since before the pandemic.

As the company explained in its 2023 results presentation It was the best year in the company’s history in terms of businessWith its business volume growing by 30.7% to reach $899.1 million (about 831 million euros), compared to 688 million in 2022.

“Globally, this is the third year in a row that the company’s turnover has grown by more than 30%, after recording an increase of 32% in 2022 and 44% in 2021, a year marked by the consequences of the pandemic,” they noted at Cabify.

The company’s total profits rose to 111.1 million in 2023, an increase of 40.9% over 2022, and in terms of profitability, the company is what is known as Tiethe balance point between expenses and income, as Juan Barbola, Cabify’s CFO, mentioned at the aforementioned meeting.

Although they did not give the exact EBITDA figure, The company says it’s “somewhat positive” And it “maintained EBITDA breakeven in 2023, improving this operating metric last year.”

But Cabify is not satisfied, and stresses that maintaining economic profitability is precisely one of the main challenges it faces.

“Cabify was the first company in the sector to achieve this in the last quarter of 2019,” recalls Juan de Antonio, CEO and founder of Cabify. This has also left the door open to going public, an option that has been rumored since the beginning of last year: “It is an option that the company finds interesting, but it is not mandatory.”

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