Kabbee, the multi-award-winning minicab price comparison and booking app, has today launched a crowdfunding campaign targeting at least £1m investment via Crowdcube, in a bid to become the UK’s leading fixed fare cab app and reach over £90m in bookings on a national scale in 2018.
With intense competition in the UK’s cab sector, Kabbee is future-proofing its first-to-market aggregator model. The investment will enable the app to reach major cities outside of London, whilst updating its established dispatch and GPS technology, supporting minicab firms.
Despite playing in the same space as the fastest growing company of all time, Kabbee has been growing successfully in London for four years, and revenues are on track to increase from £790K in 2013 to over £1.8m in 2015.
Investors in this crowd round will be entitled to a stake of the business, as well as up to one year’s Kabbee Loyalty membership*, giving them free cab credit, executive journey upgrades, access to their 5 Minute Punctuality Promise**, and a wide range of treats from Kabbee’s partners.
Ahead of the public campaign launch, Kabbee extended the investment opportunity to its existing customers, and the wave of support received so far has given the funding round a good head start.
Since its launch in 2011, Kabbee has received investment from two of the UK's most successful ecommerce entrepreneurs, Ed Wray, co-founder of Betfair and Simon Nixon, founder of Moneysupermarket. Kabbee is also supported by Octopus Ventures, which backed Zoopla.
By the end of 2015 the Kabbee app will have been downloaded 600,000 times and transported 250,000 passengers on 1.75 million journeys.
To invest in Kabbee today, please visit www.crowdcube.com for more information.
Justin Peters, Kabbee’s CEO & Founder comments on the future of the business: “We’ve spent over £2m on technology to build a scalable technology platform. We’ve been making minicabs mighty for Londoners for four years now and by securing £1m investment, this will kick start the process of taking the service to the rest of the UK.”
“Many minicab fleets are struggling to survive amidst tough competition in the digital world, and as the leading London aggregator, we’re in pole position to give them the technology, data, operations and marketing strategy they need to succeed. We can’t wait to get started.”
For more information please contact the Kabbee press office at Sense Communications at Kabbee@sensecommunications.co.uk or call 0203 551 3954.
-Notes to Editor-
- *Kabbee launched the industry’s first ‘Kabbee Treats’ Loyalty Programme, which rewards its users with goodies from Kabbee and some great brands such as Urban Massage, LateRooms.com, Naked Wines, Pact Coffee, Hubbub, Housekeep, LOVESPACE, Bloom & Wild and La Gourmandina. The app’s top users are entitled to a selection of rewards, based on how many miles they have earned via Kabbee over a three month period. Kabbee’s users earn one mile for every £1 they spend, and earn more miles for referring friends to Kabbee, booking an executive cab or travelling to/from the airport.
- ** If you are a loyal Kabbee user, and your cab arrives more than five minutes late, you are entitled to the 5 Minute Punctuality Promise. For full terms and conditions, see here.
- Kabbee is a licensed minicab price comparison and booking service available in London as an app on iPhone, Android, Blackberry 10 app, Windows Phone 8, and at Kabbee.com.
- Kabbee lets users instantly compare quotes from more than 50 leading London fleets – based on price, time, location and type of car – and then book and pay by cash, card or pre-paid account. This saves passengers time and money and increases fleet efficiency.
- Kabbee was launched in June 2011 and has had more than 585,000 app downloads to date.
- Kabbee won the UK Mobile App & Design Awards for ‘Best Startup App’ in June 2014.
- Kabbee was recently named as a ‘Future 50 Brand’ by Real Business, for being one of Britain’s most exciting and disruptive new businesses.
- Kabbee won Bronze for ‘Best Travel & Tourism App’, as voted for by The Appys Awards 2014.
As the world’s first and most successful investment crowdfunding platform, Crowdcube enables entrepreneurs to bypass the traditional business angel, venture capital or bank finance routes, giving them more control and access to more investors. For investors, Crowdcube provides them with a way to cherry-pick a stake in an innovative business that traditionally would have been restricted to corporate investors. In addition, they can now benefit from a fixed return per annum by lending money to more established companies offering a bond on Crowdcube.
Since 2011, Crowdcube’s 219k savvy investors have raised £114 million for 314 successful pitches including JustPark (raised £3.7m), Sugru (£3.5m), Camden Town Brewery (£2.8m), easyProperty (raised £1.4 million), River Cottage (raised £1 million) and Eden Project (raised £1.5 million in just 20 hours).
Investing involves risk and should be done only as part of a diversified portfolio. Investing equity in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. Mini-bonds can be unsecured, non-convertible and non-transferable. Crowdcube is targeted exclusively at investors who are sufficiently sophisticated to understand these risks and make their own investment decisions. Crowdcube is authorised and regulated by the Financial Conduct Authority (No. 572026)
For further information please contact:
Crowdcube’s PR consultancy, Eureka Communications
T: +44 (0)1420 564346