Madrid based ride-hailing app, Cabify, have completed their latest round of funding, raising $160 million at a valuation of $1.4 billion, as they look to remain competitive in an industry that is seeing an influx of investment flooding in for the likes of Uber, Taxify, and Chinese giant, Didi.
Cabify currently operate in Spain, Portugal, and across Latin America. The "Series E" round of funding which was announced by Maxi Mobility, comes from a mix of previous and new investors, some of which are; Rakuten Capital, TheVentureCity, Endeavour Catalyst, GAT Investment and Liil Ventures.
According to a report in TechCrunch , the latest investment will be used to boost it's business model in cities that it already operates in, and not to venture into new markets.
The CEO of Maxi Mobility, Cabify's parent company, Juan de Antonio, said in a statement:
"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"
A spokesperson went on to tell TechCrunch:
"We are profitable in some markets. And Maxi Mobility as a whole is very close to reaching profitability"
Making a profit in the transportation ride-hailing world is certainly hard to come by. Just ask those at Uber.