Maxi Mobility, the Spain-based owner of on-demand ride providers Cabify and EasyTaxi, has raised $160m in funding from investors including-commerce firm Rakuten at a $1.4bn valuation, the Financial Times reported yesterday.
TheVentureCity, Endeavor Catalyst and GAT Investments also participated in the round, as did Liil Ventures, Western Technology Investments and undisclosed private investors according to TechCrunch, which said Rakuten invested through subsidiary Rakuten Ventures.
Cabify and EasyTaxi jointly operate across 14 countries in Southern Europe and Latin America and have 13 million users, EasyTaxi having been acquired by Cabify in April 2017 to form Maxi Mobility.
The funding will help it compete against rivals such as US-based Uber and 99, the Brazil-based service acquired by China-based Didi Chuxing earlier this month.
The work will include upgrading the company’s payment systems and security capabilities. Maxi Mobility is also undertaking a restructuring process that will involve about 10% of its workforce, TechCrunch reported.
Oskar Mielczarek de la Miel, managing partner of Rakuten Capital, said: “Maxi Mobility’s rapid growth and consolidation demonstrates the enormous potential of the group. We are delighted to continue to back their vision, innovation and their leadership in mobility disruption.
“The Maxi Mobility team, under Juan de Antonio’s leadership, not only stands out for its drive and tenacity, but also for the strong ethical values they demonstrate in their daily work.”
Cabify had raised $147 as of 2016 when it closed a $120m round series C round led by Rakuten that valued it at $320m post-money. It secured $100m in May 2017, according to a securities filing, but it is unclear whether that funding constituted part of the latest round.
Rakuten also led Cabify’s $12m series B round in 2015, investing alongside Seaya Ventures. The company’s earlier backers include Hit Forge, Red Swan Ventures, Maurice Werdegar, Resolute Partners and assorted angel investors.