Minicab booking app – and Uber challenger – Kabbee today launches a £1m fundraising campaign on Crowdcube.
The taxi price-comparison company is looking to extend beyond London and will use the funds for the UK-wide roll-out, and to update its dispatch and GPS technology, saying "intense competition" within the sector meant it needed to "future-proof" its business model.
It is offering a 2.71 per cent stake in the company, which is valued at an ambitious £36m, along with rewards including free membership and credit to use on the app.
Kabbee has previously said that it is the "anti-Uber" because it works with multiple fleets; at present around 70 minicab companies in London have signed up, but is looking to partner with black cab drivers too.
Kabbee said is on track to report £1.8m in revenues this year, up from £790,000 in 2013.
Justin Peters, Kabbee’s chief executive and founder said: “We’ve spent over £2m to build a scalable technology platform. By securing £1m investment, this will kick start the process of taking the service to the rest of the UK.”
Since its launch in 2011, Kabbee has received support from Octopus Ventures, and Ed Wray, co-founder of Betfair, and Simon Nixon, founder of Moneysupermarket have also invested.