Member Article

Kabbee drives forward with £1m funding campaign

Kabbee, the minicab price comparison and booking app, has launched a crowdfunding campaign targeting at least £1m investment via Crowdcube, in a bid to become the UK’s leading fixed fare cab app and reach over £90m in bookings on a national scale in 2018.

The investment will enable the app to reach major cities outside of London, whilst updating its established dispatch and GPS technology, supporting minicab firms.

Despite playing in the same space as the fastest growing company of all time, Kabbee has been growing successfully in London for four years, and revenues are on track to increase from £790K in 2013 to over £1.8m in 2015.

Ahead of the public campaign launch, Kabbee extended the investment opportunity to its existing customers, and the wave of support received so far has given the funding round a good head start.

Since its launch in 2011, Kabbee has received investment from two of the UK’s most successful ecommerce entrepreneurs, Ed Wray, co-founder of Betfair and Simon Nixon, founder of Moneysupermarket. Kabbee is also supported by Octopus Ventures, which backed Zoopla.

By the end of 2015 the Kabbee app will have been downloaded 600,000 times and transported 250,000 passengers on 1.75 million journeys.

Justin Peters, Kabbee’s CEO & founder said: “We’ve spent over £2m on technology to build a scalable technology platform. We’ve been making minicabs mighty for Londoners for four years now and by securing £1m investment, this will kick start the process of taking the service to the rest of the UK.”

“Many minicab fleets are struggling to survive amidst tough competition in the digital world, and as the leading London aggregator, we’re in pole position to give them the technology, data, operations and marketing strategy they need to succeed. We can’t wait to get started.”

This was posted in Bdaily's Members' News section by Ellen Forster .