Kabbee has secured the backing of a group of venture capital firms led by Samos Investments as part of the taxi booking comparison service’s plans to expand in and out of the UK.
Samos Investments, the firm behind deals including Betfair, Ocado and Goal.com, has taken charge of the round and has been joined by Pentland Group (Speedo, JD Sports and Hunter) as well as Redbus Group (LOVEFiLM and Lionsgate).
As part of the undisclosed deal, founder and ex-chairman of Betfair Ed Wray has invested alongside two other angel investors who work at Smedvig Capital.
Kabbee, which lets users instantly compare 50 London fleets and then book and pay by cash, card or pre-paid account, says it plans to use the investment to continue to build its brand across the UK, while consolidating its position in London.
Kabbee CEO Justin Peters says that the business operates in an ‘extremely competitive market’.
He adds, ‘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.’
Peters believes the transaction will allow Kabbee to leverage its technology, consolidate the brand and provide better cab options for consumers.
In March London-based Taxi app business Hailo secured £10.6 million in Series A capital, one of the largest ever first round financings for a European start-up.
The funding comes from Accel Partners, the venture capital firm behind investments in Facebook, Groupon and Kayak, and is being used by Hailo to expand into new markets such as the US.
Wray is now set to play an ‘active role’ in advising Kabbee alongside Tim Levene from Augmentum Capital, according to a statement.
‘The global market for consumer and fleet facing cab technology is very exciting and I see Kabbee well-placed to address this opportunity in London and beyond,’ Wray says.
Shan Drummond, director at Samos Investments, comments, ‘We are delighted to be part of the next stage of Kabbee’s development and to work alongside the likes of Pentland, Redbus, Ed Wray and Tim Levene.’