Cabify Basks In $120 Million Funding Round
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Cabify is getting bigger and, perhaps, better. But for the moment the app will be relegated to the Spanish-speaking parts of the world.
Those who have traversed the roadways in Spain, Chile, Peru, Mexico, and Columbia are well acquainted with Cabify.
The technology works like Uber, allowing you to hire a ride on a handy app and track your car’s location.
Cabify continues its fiscal success to the tune of $120 million this week.
TechCrunch’s Ingrid Lunden reports Japanese company Rakuten again offered a financial hand toward Cabify’s aim.
According to the report, that puts the ride-hailing company at a valuation of $320 million.
As for where this money will go, it’s all about measured and sensible expansion.
Lunden paints the picture of a bold startup that understands it shares commerce with a giant elephant in the room.
Uber is that global brand that continues to stretch its reach while Cabify remains a relative unknown save those five countries in which it operates.
The more intriguing aspect of the report, however, comes in the form of possible collaborative efforts that really could begin to compete with the Uber giant.
Cabify’s CEO and founder, Juan de Antonio, explained to TechCrunch there is the possibility of working, in some degree, with Didi Kuaidi or Lyft.
Lunden explains: “Didi and Lyft, of course, are not strangers to that idea: they already work together, along with Ola and GrabTaxi in a cross-border consortium sharing investors, tech and general learnings on how to scale up and compete against Uber.”
De Antonio explained to Lunden that Cabify’s competitor is simply an ideal, a hope that consumers share in owning their own cars, foregoing a service that might squire you to city destinations.
The CEO tells TechCrunch: “Two things I can concentrate on now that the funding has closed are establishing connections with other apps in other parts of the world, and looking for partnerships with car manufacturers. We are both an opportunity and a threat for car companies as the idea of companies like ours replacing vehicle ownership becomes more of a reality.”
For the moment it’s Uber and everyone else on a global scale. But there is plenty to be excited about from a competition perspective.
The ride-hailing behemoth has far from a stranglehold on an industry that continues to push taxi service to the outskirts of travelers’ considerations.
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