Spain’s Cabify Raises $160 Million Financing Round with Participation from Endeavor Catalyst

January 22, 2018 — Maxi Mobility Inc., holding company of Cabify and Easy, announced the closing of a US$160 million financing round that will provide the company with funds to expand in its current markets. Investors in the company, founded by Endeavor Entrepreneur Juan de Antonio, included Rakuten Capital, TheVentureCity, Endeavor Catalyst, GAT Investments, Liil Ventures, WTI as well as prominent local investors form Spain and Latin America.

The group operates high-quality Mobility as a Service (MaaS) platforms for business and private users across over 130 cities in 14 countries in Latin America and the Iberian Peninsula.

“We are thrilled to welcome this new group of investors, and to continue to strengthen our relationship with Rakuten Capital. We have a shared vision of transforming mobility in the cities and improving the quality of life for their citizens,” said Juan de Antonio, CEO of Maxi Mobility.

Selected into the Endeavor network in 2015, Cabify is the leading ride-sharing company in Spain and Latin America, and one of the largest and fastest-growing companies in the Endeavor portfolio, globally. At that time, Cabify had less than 100 employees; today, the company employs around 2,000. With this latest round of funding, Maxi Mobility’s valuation has grown to $1.4 billion dollars.

“We truly see in Cabify an exemplary company not only due to its incredible growth, but also the commitment and focus of its leadership team and the amazing travel companions they choose from the start,” said Adrian Garcia-Aranyos, Managing Director of Endeavor Spain, which supports the company. “It’s been a privilege working with Cabify the past three years and we look forward to staying close many more years and recognizing even more accomplishments along the way.”

The US$160 million in new funds will allow Max Mobility’s leading brands to accelerate growth and consolidate their leadership position of “Mobility as a Service” in Latin America and Iberia. The investment will also help expand technological development, including innovative mobility solutions as well as customer and driver service.

Maxi Mobility companies have a presence across 14 countries in Central and South America and the Iberian Peninsula, where they have generated around 2,000 direct employment opportunities and have enabled hundreds of thousands of driving partners to realize sustainable self-employment opportunities.

“Maxi Mobility was born with the purpose of transforming mobility and thus improving the quality of life and fostering economic growth in the countries where it operates. We’re proud of the progress we’ve achieved while betting on local talent, paying taxes in each country where we operate and working hand in hand with governments for the creation of inclusive and fair regulations for all the actors in the Mobility as a Service sector. Through Cabify, Easy and other brands we will continue to work toward our vision soon becoming a reality,” Juan de Antonio concluded.

Cabify closed 2017 with a global growth in excess of 500% in gross revenues and travel requests, tripled its installed base and grew its number of trips six-fold over the prior year. Since joining the Maxi Mobility Group in April 2017, Easy has seen a 60% growth in demand.

Maxi Mobility is the holding company of leading brands in the mobility sector including as Cabify and Easy. Maxi Mobility was born with the vision to improve the quality of life of urban residents by offering integrated mobility solutions as an alternative to privately owned cars. Its best-known brands, Cabify and Easy, are dedicated to the ride hailing and taxi hailing peer-to-peer segments respectively and are recognized as leading technology companies in Iberia and Latin America.

Cabify is a mobility technology platform that connects private users and companies with various forms of transportation. It has created a model of Mobility as a Service (MaaS) particularly adapted to cities in Latin America, Spain and Portugal with the objective of improving their living conditions. Cabify seeks to reduce street congestion by providing an alternative to private cars, offering a safer and more efficient mobility alternative with its technology.

Founded in 2011 in Madrid, Cabify rapidly expanded through Mexico, Panama, the Dominican Republic, Colombia, Ecuador, Peru, Brazil, Chile and Argentina. Cabify stands out by employing local talent, and generating high-value jobs in an industry transformed by technology and innovation.

Created in Rio de Janeiro in 2011 and formerly known as Easy Taxi, Easy is one of the pioneering applications of ride-hailing in Latin America. Since inception, the company connects drivers and passengers efficiently to reduce street congestion, increase transport efficiency and improve the users’ quality of life. Easy was the first ride-hailing company to reach financial breakeven on an international scale thanks to its focus on efficiency and technology.

Easy has been characterized by its versatility offering multiple services in different countries using private cars, taxis, luxury taxis, corporate service and shared trips. Easy’s offerings span across 9 countries and over 120 cities. Easy has technology development centers in Sao Paulo and Bogotá.

Rakuten Capital is a corporate venture capital group that provides funding, sector experience and operational support to its portfolio companies across the world. Rakuten Capital is part of the Rakuten Group, one of the world’s leading internet service companies. Rakuten has built and invested in innovative internet businesses in e-commerce, financial services, digital content and advertising since 1997. Rakuten is ranked as one of “Top 30 Most Innovative Companies” by Forbes and operates in Asia, Europe and the Americas. Rakuten is headquartered in Tokyo and is publicly traded on the Tokyo Stock Exchange.

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Endeavor Catalyst is the innovative co-investment fund of Endeavor, set up to invest exclusively in Endeavor Entrepreneur-led companies and to sustain Endeavor’s long-term operations in a mission-aligned way. Since launching in January 2012, Endeavor Catalyst has raised over $100M in philanthropically donated and invested capital, and invested into 64 Endeavor companies in 19 countries. To date, Endeavor Catalyst has co-invested alongside a number of leading venture capital and growth equity funds, including Accel Partners, General Atlantic, NEA, Sequoia Capital and Tiger Global. Investments include Globant (NYSE: GLOB) in Argentina and (acquired by Delivery Hero) in Turkey.