Spanish unicorn Cabify secures €15M loan to drive sustainable urban mobility with profitable growth

Spain’s first unicorn Cabify, a ride-sharing company, announced that it has secured €15M “Venture Debt” financing deal from Madrid-based BBVA Spark, the bank specialising in high-growth companies.

Cabify looks to expedite the execution of its strategic plan, focusing on driving sustainable and accessible urban mobility with profitable growth.

Roberto Albaladejo, Head of BBVA Spark says, “Cabify is demonstrating that it is possible to promote a sustainable urban mobility model in the main cities of Spain and Latin America in a way that is accessible to the majority of citizens.”

“Cabify’s zero emissions strategy through the progressive electrification of its fleet is a pioneer in its segment and is fully aligned with BBVA’s vision,” adds Albaladejo.

Capital utilisation

Cabify advances its sustainable business strategy 2022-2025, emphasising social, financial, and environmental growth. The Spanish company aims for 100 per cent zero-emission trips in Spain by 2025 and Latin America by 2030, with recent steps including the addition of 200 electric cars in Madrid.

The company focuses on extending accessible and sustainable mobility across its 40+ cities in Spain and Latin America. 

Committed to over 30 per cent global growth, BBVA Spark has 800+ customers, committing around €250M in financing.

Juan Barbolla, CFO of Cabify says, “We are proud to receive BBVA’s support for our strategic plan. We have a firm purpose to make cities better places to live, and we are advancing on this path thanks to the efforts of millions of collaborative drivers, passengers, and hundreds of employees who, day after day, promote more accessible and sustainable mobility options.”

“We are changing how people move and interact with cities while proving that being sustainable can also be profitable. We are delighted that the BBVA team is joining Cabify as a co-driver in this journey.”

About Cabify

Founded in 2011 by Juan de Antonio Rubio, Cabify is a multi-mobility platform that connects private users and companies with the means of transport that suit their needs.

Through its platform and mobile application, Cabify runs its ride-hailing service, matching demand for trips with the supply of for-hire automobiles. 

Users can communicate with their driver and get information on the waiting line, the route’s length, and the precise cost of the journey using the mobile app.

The company has over 50 million registered users, 1.5 million driver partners, and more than 1,000 employees globally.

Besides, Cabify is also a member of the UN Global Compact and stands out for its commitment to talent and the local ecosystem, generating high-value jobs and declaring 100 per cent of its activity in each country.

In 2018, the company became the first carbon-neutral platform in its sector and since then, it has been globally offsetting its emissions and those of its passengers and meets an annual reduction commitment.