Zoopla Property Group and Secret Escapes investment firm Octopus Investments has lead a Series A funding round for London-based Kabbee.
Joining the venture capital firm in the funding round is Simon Nixon, founder of price comparison website MoneySupermarket.com.
Founded in June 2011 by Justin Peters, Kabbee compares quotes from minicab operators and has had 250,000 app downloads across iPhone, Android and Blackberry.
It’s first major funding round came back in October 2012 when Samos Investments were joined by Pentland Group, Redbus Group and Betfair co-founder Ed Wray in a $3.25 million fundraising. That deal took its total fundraising to date at that stage to £3 million. The capital it has now secured from Octopus Investments and Nixon, and its existing backers, will be used to build its brand and develop technology.
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Peters, CEO of Kabbee, says the new funding deal brings a ‘significant amount of experience’ in building consumer brands.
‘We’ll use that to ensure that the minicab fares London passengers pay become increasingly transparent,’ he adds.
‘Overall, this investment is a big thumbs up for the London minicab sector and will provide specific support for the 60 fantastic fleets and their drivers working with Kabbee.’
Nixon, who has been described as making a ‘significant contribution’, has also served as CEO of Travelsupermarket.com.
‘I am committed to working with entrepreneurial companies who are changing sectors, and Justin and the team at Kabbee have a great opportunity to do this in the minicab sector,’ he adds.
The deal for Octopus Investments is its second during November following its commitment to student accommodation platform Uniplaces.
