minicabit raises £1.4m to “conquer” UK taxi market
Startups 100-listed cab booking service plans to achieve revenues of £100m in the next five years...
Minicab price comparison service minicabit, featured among the top 100 start-ups of 2015, has closed a £1.4m funding round led by Hambro Perks alongside Oakley Capital.
Launched in 2012, minicabit enables users to compare and book instant quotes from taxi providers for long distance and local trips across 40 UK cities, and operates on a 10% commission model.
The last year has seen the 2015 Startups Awards finalist conclude several major deals with blue-chip brands including partnerships with O2 Academy Group, Barclays Pingit, Heathrow Airport and Big Yellow Self Storage.
with projected annual revenues of £100m expected to be achieved by 2020.
This latest funding will allow the start-up to double its cab fleets across the UK and expand its range of vehicles to minibuses and limousines, with a goal to hit annual revenues of £100m by 2020.
Amer Hasan, CEO and founder of minicabit, commented: “Cab bookings are now shifting online at a tremendous pace, driven by customer demand and technology advances. Far from seeing this as ‘game over’ for the cab pperators, we think the game has only just begun!
“I’m a passionate believer in ‘smart’ capital, and so this latest investment in minicabit from such a high-profile group of backers can enable us to empower cab operators UK-wide to take full advantage of the digital revolution.”
Rupert Hambro, co-founder of Hambro Perks, added:
“We at Hambro Perks are attracted to online businesses with high quality management that can unlock greater value for the sectors in which they operate. minicabit is a compelling investment proposition, given its distinct market position and the tremendous progress it has already made competing against larger rivals.”