Cabify, a Madrid, Spain-based mobile riding startup mainly operating in Latin America, Spain and Portugal, raised $160m in an andditional round of Series E funding.
The round has valued the company at $1.4 billion. Backers included new investors Rakuten Capital, TheVentureCity, Endeavor Catalyst, GAT Investments, Liil Ventures and WTI, as well as local investors from Spain and Latin America.
The company intends to use the funds to improve operations in existing countries and continue to invest in security and in a new payment system for people without a bank account.
Founded by Juan De Antonio, Cabify allows people to order a car via a smartphone and and a private driver will pick them up within minutes, wherever they are. In addition, the company offers a corporate transport solution used by more than 50,000 companies.
Globally, the service has 13m users in Latin America, Spain and Portugal.