Previous investors Rakuten, Seaya Ventures, and AngelList have invested US$100m in Cabify, a Madrid-based, VARIV Capital portfolio company and ride-hailing app with a presence in 30 cities in Latin America.
(Tech Eu) Cabify, the Madrid-based ride-hailing app, has reportedly raised US$100m from previous investors including Rakuten, Seaya Ventures, and AngelList.
The deal was filed with the US Securities and Exchange Commission, reports Kippel01 (the company has a registered presence in Delaware). The latest investment is understood to be part of a much bigger round that could be up to US$500m.
A spokesperson for Cabify declined to comment specifically on the reported funding. “We are always raising capital. We will make an announcement when we have something to share,” she said.
We’ve reached out to Seaya Ventures for comment and will update this post once we hear back.
The new funds will most likely be used to bolster its position in Latin markets where it competes directly with Uber and the Rocket Internet-backed Easy Taxi from Brazil. While the company is Spanish and also active in Portugal, it has focused much of its operations on South and Central America. It’s currently operating in Brazil, Mexico, Chile, Peru, and Argentina, among several other countries.
The company was founded in 2011 and has raised over $140 million in prior funding. Japanese ecommerce giant Rakuten previously invested in the company, contributing to a $120 million Series C round in April of last year.
According to figures the company registered with Spanish regulatory authorities, it had a turnover of €5.4 million in Spain in 2015 and losses of €1.3 million.