Cabify, Spain’s first unicorn and a prominent ride-sharing company, has announced securing a €15M “Venture Debt” financing deal from Madrid-based BBVA Spark, a bank specializing in high-growth companies. This strategic financial boost aims to expedite the execution of the firms strategic plan, focusing on driving sustainable and accessible urban mobility with profitable growth.
Roberto Albaladejo, Head of BBVA Spark, commended Cabify for promoting a sustainable urban mobility model in major cities across Spain and Latin America. He noted that Cabify’s approach is accessible to a broad spectrum of citizens and aligns with BBVA’s vision of sustainable development.
Advertisement
Cabify’s Zero Emissions Strategy
Cabify is advancing its sustainable business strategy for 2022-2025, emphasizing social, financial, and environmental growth. The company has set ambitious goals, aiming for 100% zero-emission trips in Spain by 2025 and in Latin America by 2030. Recent steps towards this goal include the addition of 200 electric cars to its Madrid fleet.
Expanding Reach and Commitment to Growth
With operations in over 40 cities across Spain and Latin America, the mobility startup is committed to extending accessible and sustainable mobility solutions. BBVA Spark, supporting over 800 customers and committing around €250M in financing, sees over 30% global growth potential in Cabify.
Leadership’s Vision for Urban Mobility
Juan Barbolla, CFO of Cabify, expressed pride in receiving BBVA’s support for their strategic plan. He emphasized the unicorns mission to make cities better places to live and the collective efforts of drivers, passengers, and employees in promoting more sustainable mobility options. He also highlighted the companies role in changing how people interact with cities while proving that sustainability can be profitable.
About the Unicorn
Founded in 2011 by Juan de Antonio Rubio, Cabify is a multi-mobility platform connecting private users and companies with suitable transportation options. Through its platform and mobile application, Cabify matches demand for trips with the supply of for-hire automobiles, offering users detailed information about their journey, including waiting times, route lengths, and precise costs.
Advancing Towards a Greener Future
The recent loan acquisition marks a significant step in advancing sustainable urban mobility. The company’s commitment to reducing emissions and its innovative approach position it as a leader in transforming urban transportation.
