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Cabify grows by more than 30% for third consecutive year

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Ibero-American company Cabify hit $900 million in gross revenue last year, according to its 2023 Global Impact report.

This is a 30.7% increase in revenue from $688 million in 2022 and marks the third consecutive year where the company increased its total gross revenue by more than 30%. 

Cabify was founded in Madrid in 2011 and offers electric cars and e-mopeds in seven countries and more than 40 cities around the world.  

“The goal is to facilitate mobility of people within cities,” Cabify CEO Juan de Antonio said in a press conference held in Madrid today. “This gross revenue becomes a foundation for us to continue growing in a sustainable and profitable way in the future.”

Cabify reached economic profitability in the last quarter of 2019 and again in 2022. In 2023, the company’s gross profit rose to $111.1 million, a 40.9% increase from 2022.

Investment and funding

In the last five years, Cabify has invested more than $75 million in research and development (R&D) projects.

In 2023 it invested $23.9 million in R&D to develop safe, sustainable and accessible mobility solutions which is a 34% increase from 2022.

2023 was also a successful year for the company’s funding. In March, it announced its financing round worth $110 million, and it also received a €15 million loan from BBVA Spark bank to boost sustainable and accessible urban mobility in Spain and Latin America.

“We have strategic partners that are leaders in the mobility sector, and we also have first class backing institutions that are supporting Cabify in the achievement of our business plans in years to come,” said Cabify Chief Financial Officer Juan Barbolla. 

“So what are we going to do with all this money?”

The answer to this question is two growth pillars: further cementing Cabify’s presence in the countries it currently operates in  – Spain and Latin America – and expanding its presence in other cities too.

Cabify’s Sustainable Business Strategy

The mobility company is continuing to work towards its Sustainable Business Strategy which focuses on social, economic and environmental growth.

Outlined in the strategy is Cabify’s target to fully decarbonise its Spanish fleet by 2025, and Latin American fleet by 2030. It has already reduced the average rate of CO2 emissions per kilometre travelled by 6% and 2% in these regions respectively.

Cabify offsets 100% of emissions in all the cities it operates. According to the company, this represents the equivalent of protecting 600 square kilometres of forest, or the whole city of Madrid.

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