Cabify

About

Cabify's journey began in May 2011, born from the vision of Spanish entrepreneur and telecommunications engineer Juan de Antonio. Motivated by an earlier, unsuccessful attempt to introduce electric vehicles to European cities, de Antonio set his sights on creating a new kind of vehicle-for-hire company. Starting its operations in Madrid, the concept quickly garnered attention, even attracting investors from Silicon Valley. De Antonio initially discussed the idea with Adeyemi Ajao, a Tuenti co-founder, and Brendan F. Wallace, who both became advisors, while de Antonio continued as CEO. The early team was further strengthened by Samuel Lown (CTO), Michael Koper, and Adrian Merino. Initially, the service, dubbed 'Executive,' targeted a niche market with high-end vehicles, offering a premium alternative to traditional taxis. By February 2012, Cabify had already amassed 20,000 users and completed nearly 3,000 rides in Madrid alone. The company's appeal grew, and within the next two years, over 150 taxi drivers in Madrid had joined the platform. A significant evolution came in June 2013 with the launch of Cabify Lite, featuring mid-range vehicles that were often more affordable than taxis. This move proved popular, and by the end of 2015, Cabify Lite constituted 85% of the company's offerings. Just a year after its Spanish debut, Cabify embarked on an ambitious expansion into Latin America, establishing subsidiaries in Mexico, Chile, and Peru. This strategic move was pivotal, as within a few years, 80% of Cabify's revenue would originate from the American continent. The company continued its growth trajectory, entering markets in Argentina, Brazil, Costa Rica, Bolivia, and Panama in 2016. That same year, Cabify partnered with Waze to optimize routes and enhance driver and passenger safety. Further demonstrating its commitment to innovation and sustainability, Cabify secured a EUR 40 million loan from the European Investment Bank in May 2022 to invest in a fleet of electric vehicles in Spain, aligning with the European Union's carbon emission reduction goals. In October 2022, Cabify diversified its services by launching Cabify Logistics, a new global division focused on package storage and transfer, utilizing a 100% electric van fleet in Spain for its parcel service. Today, Cabify operates in 6 countries and over 40 cities, with a registered user base exceeding 50 million and 1.5 million driver and taxi members. The company continues to be driven by its ambition to transform cities into better living spaces through sustainable and innovative mobility solutions.