July 23, 2017

Cabify nets $100M to take on Uber in Latin America, reportedly raising $400M more

One more regional on-demand transport startup is raising a big round of funding to fortify itself for the next phase of competition against the likes of Uber and incumbent taxi firms. Cabify, the ride-sharing startup that operates in Latin America, Spain and Portugal, has raised just under $100 million in new funding ($99,999,994 to be exact), according to a Form D SEC filing for Maxi Mobility, as the company is officially called. The money is reportedly part of a total of $500 million that the company hopes to raise in a Series D round.

Juan de Antonio, Cabify’s cofounder and CEO, declined to comment on the filing or its bigger fundraising effort when we contacted him. “Nothing to comment. We are always raising capital. We will make an official announcement when we have something to share,” he said in an email to me.

However, about a month ago, he and other Cabify executives were quoted in an article in Brazilian publication Estadao about how the company is raising $200 million specifically to expand nationwide in Brazil — which gives a clue to where this funding is going and also to underscore that the $100 million from the Form D appears to […]

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