Kabbee, the instant price comparison and booking service for minicabs has secured $3.25m in funding from a top-tier investment group with view to expanding across the highly-competitive UK market and beyond.
The round was led by Samos Investments known for injecting cash into Betfair, Ocado and Goal.com. There were also significant contributions from Pentland Group and Redbus Group. Ed Wray, Founder and Ex-Chairman of Betfair, has also invested together with two angel investors who work at Smedvig Capital known for its work with Zipcar.
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Kabbee says that the funding round means it will get a serving of both capital and expertise. Wray will play an active role as advisor alongside Tim Levene of Augmentum Capital.
Kabbee plans to use the investment to continue to build its brand across the UK and beyond, while consolidating its work in London for cab services. The company has plans to take the service to other cities like Manchester and Birmingham in the UK and is in talks with fleets in Latin America, Eastern Europe and the United States.
Justin Peters, CEO of Kabbee, is naturally pleased with the deal and hopes that it will help the firm take on the competition:
“There are lots of companies planning to revolutionise the cab industry – it’s an extremely competitive market, and that’s why the endorsement of this group of high calibre investors is so valuable to us. This funding recognises the deep sector expertise of our team and Kabbee’s strategy for the London market and beyond. More importantly, it will allow us to leverage our technology, consolidate our brand and provide even better cab options for consumers going forward.”
Kabbee is available as an iPhone and Android App and allows users to compare prices and services from 50 London fleets. Customers can pay by cash, card or a pre-paid account. The company was launched in June last year and has seen over 150,000 downloads.
Image Credit: Fabbio