E-commerce company Rakuten led a $12m series B round for Spain-based transportation hailing app developer Cabify that also featured existing investors including venture capital firm Seaya Ventures.
Cabify operates an on-demand ride hailing service in 14 Spanish cities, as well as Chile, Mexico, Peru and Colombia, and will use the series B capital to expand its operations, particularly in Latin America.
Oskar Mielczarek de la Miel, managing partner of Rakuten FinTech Fund, will join Cabify’s board of directors in conjunction with the funding. He said: “We have been incredibly impressed with Cabify’s stellar performance with such limited capital.
“With solid revenue growth and a more sustainable strategy than its competitors, who tend to focus on deep discounts, Cabify has established leadership positions in markets across Spain and Latin America. We are really excited about their future and want to be instrumental in helping Cabify expand to other markets.”
Cabify has now raised $26.5m in total, securing about $3m in a 2012 seed round featuring Hit Forge, Red Swan Ventures, Maurice Werdegar and Resolute Partners, before closing an $8m series A led by Seaya Ventures and backed by undisclosed Latin American angel investors in April 2014.