Sherbet secures record £40m investment to expand electric black taxi fleet
- Perry Richardson
- 1 day ago
- 2 min read
Sherbet, one of the UK’s leading electric black taxi firms, has secured up to £40 million in growth capital from European private equity group Hoplon Investment Partners. The deal represents the largest single investment ever made in the licensed London taxi industry.
Founded in 2013 by former black cab driver Asher Moses, Sherbet has built the UK’s fastest-growing electric taxi fleet with 550 vehicles now on the road. The company has set out plans to scale this number to 3,000 cabs within three years, alongside developing new driver-focused technology and preparing for an international rollout.
The funding will be used to grow the fleet, expand Sherbet’s digital platform and strengthen its market position against ride-hailing apps. The company also intends to support the Knowledge training pipeline, enhance driver earnings opportunities, and provide advanced vehicle data to London authorities to help shape future traffic, safety and environmental policies.
Sherbet taxis is best known for its fully electric fleet of licensed black cabs in the UK. The model combines heritage and regulation with modern technology, aiming to create a more sustainable and competitive service for drivers and passengers. The fleet retains all of the black cab’s accessibility features, including full wheelchair access, while introducing new connected services.
The investment also highlights growing recognition of the black cab’s role in London’s transport future. By blending regulated taxi services with new technology, Sherbet aims to consolidate parts of the fragmented industry and strengthen the sector’s resilience against unlicensed platforms.
Sherbet is also targeting international markets. Cities worldwide have shown interest in replicating the company’s approach, which repositions the black cab as a global symbol of sustainable mobility. This expansion is intended to establish London’s electric black cab not only as a vital part of the capital’s infrastructure but as a leading export in urban transport.
Asher Moses, CEO at Sherbet, said: “This investment marks a turning point, not just for Sherbet, but for the future of the black cab industry. The black cab is a globally recognised symbol of London - trusted, iconic, and deeply woven into the city’s identity. Yet for too long, it’s lacked a dedicated guardian committed to its modernisation.
“Our mission is to step into that role, not only to preserve its heritage, but to equip the trade with the technology, data and scale it needs to thrive in the current modern mobility landscape. With this investment, we’re laying the foundation to reposition the licensed industry and establish Sherbet as its new home: electric, innovative, and built for the future.”
Sven Hansen, Co-founder and Managing Partner at Hoplon Investment Partners, said: “Sherbet is redefining what it means to be a modern mobility company. Asher’s vision blends the legacy of the black cab with a forward-thinking, data-led approach to electrification and driver empowerment. We’re proud to support Sherbet’s growth in London and its expansion into international markets.”
