Spain’s first Unicorn Cabify, a ride-sharing company, has announced that it has secured a €15 million ‘Debt’ financing deal from the Madrid-based company. Chispa BBVA, the bank specializing in high-growth companies.
Cabify seeks to streamline the execution of its strategic plan, focusing on promoting a sustainable and accessible urban environment with profitable growth.
“Cabify shows that it is possible to promote the model of sustainable urban economic mobility in major cities in Spain and Latin America in a way that is accessible to the majority of citizens,” says Roberto El Baladego, Director of BBVA Spark.
“Cabify’s zero-emissions strategy through the gradual electrification of its fleet is class-leading and fully aligned with BBVA’s vision,” adds Albaladego.
Use of capital
Cabify is developing a sustainable business strategy 2022-2025, focusing on social, financial and environmental growth. The Spanish company aims to conduct 100% emission-free trips in Spain by 2025 and in Latin America by 2030, and its latest measures include adding 200 electric cars in Madrid.
The company focuses on expanding accessibility and sustainability. Navigate in more than 40 cities in Spain and Latin America.
BBVA Spark is committed to global growth in excess of 30 percent, has more than 800 customers and has committed approximately €250 million in financing.
“We are proud to receive BBVA’s support for our strategic plan,” said Juan Barbola, CFO of Cabify. “We have a firm goal of making cities better places to live, and we are progressing on this path thanks to the efforts of millions of drivers, passengers and hundreds of helpful employees who work day in and day out to promote For more convenient and sustainable mobility options.”
“We are changing the way people move and interact with cities while proving that sustainability can be profitable too.” “We are thrilled to have the BBVA team join Cabify as a co-pilot on this journey.”
About Capify
Founded in 2011 by Juan de Antonio Rubio, Cabify is a multinational mobility platform that connects individuals and businesses with transportation that adapts to their needs.
Through its platform and mobile app, Cabify operates a ride-sharing service, matching demand for travel with the supply of rental cars.
Users can communicate with their driver and get information about the waiting line, route length and exact cost of the trip using the mobile application.
The company has more than 50 million registered users, 1.5 million driver-partners and more than 1,000 employees worldwide.
In addition, Cabify is also a member of the United Nations Global Compact and stands out for its commitment to talent and the local ecosystem, generating high-value jobs and declaring 100 percent of its activity in every country.
In 2018, the company became the first carbon-neutral platform in its sector, and has since offset its and its passengers’ emissions globally and meets its annual reduction commitment.
