June 28, 2017

Ride-Share Firm Cabify Said to Seek Funding



Cabify Logo
via Wikicommons

Spanish ride-sharing company Cabify is seeking at least $300 million in new funding as it works to expand in its current markets, according to people familiar with the matter.

The Madrid-based company is working with Bank of America Corp. , the people said, asking not to be identified because the deliberations are private. The company, which is currently valued at about $1 billion, may wrap up the fundraising in the coming months, one of the people said. The new capital would add to the $100 million Cabify raised in April, according to a regulatory filing .

Potential investors include existing backers, such as Japan’s Rakuten Inc. , carmakers and technology firms in the automotive industry, the people said. Institutional investors are also interested in participating to position themselves for a potential initial public offering in the future, the people said.

Cabify, founded in 2011, has also signed a strategic alliance with Easy Taxi to combine their investor base and expand services in Latin America, the people said. The companies have been working on the partnership since the end of last […]

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The News for the Gig Economy Staff is constantly searching the web for the latest news regarding freelancing and gig platforms to bring them to you in one handy place. All articles with this generic author have been sourced with the original location at the bottom of the piece. We encourage our readers to view the original source of all excerpts. NGE is a project of ARC Online, LLC.

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