Startups
January 15, 2024
by

Driving Green Progress: The €15 Million Pact between Cabify and BBVA Spark

Cabify and BBVA Spark join forces in a €15 million Venture Debt deal to supercharge Cabify's sustainable mobility plan. Cabify is set to achieve 100% zero-emission trips on its platform by 2025 in Spain and 2030 in Latin America, aligning itself with global environmental goals.

In a strategic move to propel Cabify's ambitious growth plan, BBVA Spark has sealed a remarkable €15 million Venture Debt agreement with the mobility giant. This financial arrangement involves BBVA offering a portion of the funding as debt and the rest in exchange for company shares.

Cabify, a trailblazer in the Spanish startup ecosystem as the first unicorn, is not merely aiming for growth but for sustainable growth. The recently unveiled Sustainable Business Strategy for 2022-2025 places a strong emphasis on social, financial, and environmental sustainability. Cabify is set to achieve 100% zero-emission trips on its platform by 2025 in Spain and 2030 in Latin America, aligning itself with global environmental goals.

A testament to their commitment, Cabify has announced the addition of 200 new electric vehicles in Madrid, operated by Vecttor, a subsidiary of the group. This move contributes to Cabify's mission to progressively decarbonize and electrify its fleet. Remarkably, one in four Vecttor cars now carries a Zero Emissions label. In Spain, Cabify has pioneered emission reduction in the ridesharing sector, a commendable achievement despite an increase in the volume of trips.

Roberto Albaladejo, Head of BBVA Spark, commended Cabify for proving that sustainable urban mobility is achievable. He highlighted the alignment of Cabify's emissions reduction strategy with BBVA's vision. BBVA Spark, BBVA's initiative supporting innovative and tech-driven companies, has gained the trust of over 800 clients, committing approximately €250 million in banking financing.

Juan Barbolla, CFO of Cabify, expressed pride in having BBVA's support. He emphasized Cabify's commitment to creating better living spaces in cities and transforming urban mobility.

Exciting times lie ahead as BBVA and Cabify pave the way for a future where sustainable mobility is not just a vision but a reality.

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