Cabify, a Spanish ground transportation company, has raised $110 million in a new funding round; the money will be invested in expanding the business. The Madrid-headquartered company plans to invest the funds in expanding its presence in Latin America, its largest market.

The investment was led by Orilla Asset Management and financial services group AXIS.

Cabify’s core business has been in ride-hailing, but more recently it has begun diversifying into logistics and delivery, as well as other forms of mobility like mopeds.

The company has also been active in its sustainability efforts, especially in electric vehicle fleets. It has said that by 2030, all vehicles across its operations will be emissions-free.

Business Travel News Promo

Cabify operates in seven countries across 40 cities. In Latin America, it has operations in Argentina, Chile, Colombia, Mexico, Peru and Uruguay. According to the company, it plans to expand into 25 more cities with populations above 200,000.

Image: Diego Thomazini/Shutterstock