Bbva Spark Funds Cabify Sustainable Urban Mobility Plan
Cabify, the Spanish mobility company and Spain’s first unicorn as of 2018, has secured a significant €15 million venture debt financing from BBVA Spark. This investment aims to expedite Cabify’s strategic plan focusing on promoting sustainable and accessible urban mobility.
Founded 12 years ago in Madrid, Cabify has been a frontrunner in establishing a sustainable urban mobility model in major cities across Spain and Latin America. Roberto Albaladejo, Head of BBVA Spark, emphasized Cabify’s pioneering approach in progressively electrifying its fleet, aligning with BBVA’s vision of sustainable mobility.
Juan Barbolla, CFO of Cabify, expressed gratitude for BBVA’s support, underscoring Cabify’s commitment to enhancing city living through sustainable and accessible mobility solutions. The company’s efforts are supported by collaborative drivers, passengers, and employees who strive to present profitable and sustainable transportation alternatives.
A key aspect of Cabify’s Sustainable Business Strategy 2022-2025 is its focus on sustainable growth, encompassing social, financial, and environmental dimensions. The company is investing in the decarbonization and electrification of its fleet, aiming for all trips on its platform to be zero-emission by 2025 in Spain and by 2030 in Latin America.
In line with this commitment, Cabify recently announced the addition of 200 new electric cars in Madrid, operated by its subsidiary Vecttor. This move has led to one-fourth of Vecttor’s cars in Madrid being labeled as Zero emissions, with the remaining vehicles categorized under the ECO label. Notably, Cabify has been the first in its sector in Spain to reduce total emissions from trips made through its platform, even with an increase in trip volume.
Additionally, Cabify plans to continue expanding its Tech Mobility and service offerings to make sustainable mobility more widely available. The company operates in over 40 cities in Spain and Latin America and is committed to maintaining sustainable growth and profitability, with a global growth rate exceeding 30%.
BBVA Spark, having earned the trust of over 800 customers, has committed approximately €250 million in bank financing. This investment in Cabify signifies BBVA Spark’s continued support for innovative and sustainable business models in the urban mobility sector.
