LAVCA VC
  • News Feed
  • VC Data
  • Directories
  • Features
  • Tech Growth Coalition
  • LAVCA Gender Diversity
  • Engage
    • VC Council
    • VC Members
  • LAVCA
  • Member Login
  • Member Access

LAVCA VC

  • News Feed
  • VC Data
  • Directories
  • Features
  • Tech Growth Coalition
  • LAVCA Gender Diversity
  • Engage
    • VC Council
    • VC Members
  • LAVCA

Rakuten Backs Spanish And Latin American Taxi App Cabify

October 12, 2015

(TechCrunch) Cabify, a taxi app which operates in Latin America and Spain, has raised US$12m from Rakuten FinTech Fund, Seaya Ventures and others.

You’d be forgiven for thinking that Uber has sewn up the on-demand transportation space. But actually in a number of specific markets there are taxi apps that are holding their own against the multi billion dollar-valued Silicon Valley juggernaut.

It’s on that premise that Cabify, which claims to be the “leading private driver and taxi ride application” in Latin America and Spain, has raised $12 million in Series B funding.

Leading the round is Asian e-commerce and Internet services behemoth Rakuten — via the company’s Rakuten FinTech Fund — with participation from previous investor Seaya Ventures, amongst others.

Cabify says it will use the additional capital to expand operations in the 11 cities in which it operates throughout Spain, Chile, Peru, Colombia and Mexico. It also plans to open several new cities across Latin America.

In a call, Seaya Ventures’ Michael Kleindl talked up Cabify as an example of a startup competing and winning against Uber despite being far less well-funded.

He cited the company’s understanding of local conditions (including strictly complying with local regulation rather than pushing hard up against it), in addition to not getting into a race to the bottom regards offering heavy discounting.

The latter is echoed in a statement from Oskar Mielczarek de la Miel, Managing Partner of Rakuten FinTech Fund, who is joining Cabify’s Board of Directors. “We have been incredibly impressed with Cabify’s stellar performance with such limited capital,” he says.

“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.”

Another area that Cabify claims to be beating Uber and other local competitors is corporate services. “Cabify’s corporate offering significantly outpaces what incumbent players currently offer,” says Beatriz Gonzalez, Managing Partner of Seaya Ventures, in a statement.

“This has allowed Cabify to dominate the corporate services market and attract heaps of corporate users, who as a group, actually hosts more revenues and less churn than private users.”

Meanwhile, Cabify’s Series B brings total raised by the startup to $26.5 million.

Rakuten Backs Spanish And Latin American Taxi App Cabify was last modified: August 25th, 2016 by Editor
CabifyChileColombiaMexicoPeruRakuten FinTech FundSpainTransportation
0
Facebook Twitter Google +

Categories

  • Deals
  • Exits
  • Regulatory
  • M&A
  • New Funds & Firms
  • Partnerships

Sign up for LAVCA’s bi-weekly Latin American Private Capital Update and the LatAm Venture Bulletin, produced specifically for venture investors, entrepreneurs, and technology startups in the early stage ecosystem.






Which LAVCA Newsletter would you like to receive?

Tweets

  • Check out this week's top #startup deals and news on emerging tech in #LatAm from LAVCA's #LatAmVentureBulletin:… https://t.co/NOvUvkCflB

    27-Jan-2023

    Reply Retweet Favorite
  • #VC investment in #LatAm in 2022 reached USD7.5b, according to preliminary LAVCA data. Stay tuned for LAVCA’s yea… https://t.co/kAqAuL8Iq5

    23-Jan-2023

    Reply Retweet Favorite
  • January 20 is the last chance to register for "ESG in Venture and Tech Investing," the latest training in the LAVCA… https://t.co/UrbfcPgM7l

    19-Jan-2023

    Reply Retweet Favorite
  • Submissions for the 2023 LAVCA ESG Deal Awards are closing on January 20, 2023. LAVCA's ninth annual showcase will… https://t.co/AIu4FVKxT6

    11-Jan-2023

    Reply Retweet Favorite
  • Thank you for your continued support and commitment to grow private capital investment in Latin America. We look fo… https://t.co/AHA1txwyJZ

    30-Dec-2022

    Reply Retweet Favorite

Keep in touch

Twitter Linkedin Youtube

About LAVCA

 

LAVCA is the Association for Private Capital Investment in Latin America, a not-for-profit membership organization dedicated to supporting the growth of private capital in Latin America and the Caribbean through research, education, networking and advocacy.

LAVCA Office

    New York City:
    589 8th Ave, 18th Floor
    New York, NY 10018

Explore LAVCA.org

  • About LAVCA
  • Board, Team, & Advisors
  • Media
  • Contact Us
  • Membership Benefits
  • Members Only Access
  • Education and Programs
  • Research
  • Policy
  • LAVCA VC
  • Contact Us

@2020 - LAVCA. All Rights Reserved.


Back To Top