Cabify secured $70M in investment from IDB Invest and Blue like an Orange Sustainable Capital.

Cabify, a Madrid, Spain-based mobile ride hailing company part of the Maxi Mobility holding company, announced a $70M capital loan.

The money was provided by backers including IDB Invest and Blue like an Orange Sustainable Capital.

The financing will allow Cabify to strengthen its presence in countries where it operates across the region promoting social and environmental benefits, gender equality, and financial inclusion of drivers.

Founded in 2011 in Madrid, Cabify is mobile ride hailing company that soon spread to Latin America. Today, it is present in Argentina, Brazil, Chile, Colombia, Dominican Republic, Ecuador, Spain, Mexico, Panama, Peru, Portugal and Uruguay, has more than 1,000 direct employees and offer self-employment opportunities to hundreds of thousands of driver partners.