London taxi comparison service Kabbee completes £3.8m funding round led by Octopus
Minicab app to use Series A funding to expand outside of the capital
Minicab price comparison service Kabbee has raised £3.8m Series A funding in a deal led by venture management firm Octopus Investments and Simon Nixon, founder of MoneySupermarket.com.
Launched in June 2011, Kabbee enables users to instantly compare quotes from 60 leading London taxi fleets either online or via its mobile app available on iPhone, Android and Blackberry. Users are then able to book and pay for the taxi of their choice.
Since its launch, the London-based start-up has achieved over 250,000 app downloads and it now plans to utilise the investment to increase its growth across London and take its offering to other areas of the UK.
Its growth strategy will involve the development of its “leading” technology and an emphasis on building its brand through a renewed marketing campaign.
The funding round sees Octopus and Nixon join the mobile app’s impressive board of existing shareholders which includes co-founder of Betfair, Ed Wray, Tim Levene, managing partner at Augementum Capital, and private equity investor Samos.
Kabbee founder and CEO, Justin Peters, commented: “We’ll use [this funding] to ensure that the minicab fares London passengers pay become increasingly transparent.
“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.”
Simon King, a member of the ventures team at Octopus, continued:
“Kabbee is a market leading service that brings the benefits of comparison to minicab bookers while supporting the best firms and drivers within the fragmented £2bn London minicab market. We are excited about backing [them].”