BBVA Sparkthe bank for high-growth companies, has closed a “venture debt” financing of 15 million euros with Cabify, the Spanish mobility company founded 12 years ago in Madrid and became Spain's first unicorn in 2018, to accelerate the implementation of its strategic plan , aimed at promoting sustainable and accessible urban mobility.
Roberto Albaladejo, Head of BBVA Sparkhighlighted that “Cabify shows that it is possible to promote a sustainable urban mobility model in the main cities of Spain and Latin America in a way accessible to most citizens. Cabify’s zero emissions strategy through the progressive electrification of its fleet is a pioneer in its segment and is fully in line with BBVA’s vision.”
For Juan Barbolla, Cabify CFO, “We are proud that BBVA has placed their trust in us to support these properties. Our ultimate goal is to make cities more livable, and we are making progress on this journey thanks to the efforts of millions of drivers, users and thousands of employees who promote more accessible and sustainable mobility options every day. We're changing the way people move and interact with cities, while showing we can be sustainable. “We are pleased that the BBVA team is accompanying Cabify as co-pilot on this journey.”
Sustainable growth from a social, economic and ecological perspective
Cabify continues to advance the goals set out in its Sustainable Business Strategy 2022-2025 among which stands out its commitment to sustainable growth, from a social, financial and environmental perspective. The Spanish company is investing in progressive decarbonization and electrification until it achieves 100% zero-emission rides on its platform in 2025 in Spain and in 2030 in Latin America, representing a global success story.
As a sign of his progress he hasThe company recently announced the launch of 200 new electric cars in Madrid. which Vector, a subsidiary of the group, will operate. Thanks to this addition, one in four Vector cars now carries a Zero label, while the remaining vehicles carry an ECO label. In Spain, Cabify was the first company in its sector to reduce overall emissions from trips made through the platform, despite the fact that trip volumes increased during this period.
Currently, BBVA Spark has already gained the trust of more than 800 customers and has committed around 250 million euros in bank financing.