Cabify, a Spanish ride-hailing app, has secured $110 million in funding from investors, including Orilla Asset Management and AXIS, through Fond-ICO Next Tech.

Cabify, which operates in more than 40 cities across Argentina, Chile, Colombia, Mexico, Peru, Uruguay and Spain, has said it plans to invest more than $300m in strengthening its Latin American presence through 2024.

The company has also secured a €40 million ($44 million) loan from the European Investment Bank to help finance the purchase of electric vehicles. The loan is part of Cabify's plans to transition to zero-emission vehicles, with the aim of making all rides booked through its app emissions-free by 2025 in Spain and 2030 in Latin America.

With 42 million registered users and 1.2 million drivers, Cabify currently employs over 1,000 people in Spain and Latin America.

The funds will be used to bolster its growth in Spain and Latin America, increasing its market share in more than 25 cities with populations above 200,000. The news comes after the company's business volume surged 32% in 2022, compared with the previous year.

The latest funds will be used to help it achieve this goal, according to CEO Juan de Antonio, who said in a statement that the investment was a "recognition of Cabify's positive impact and potential to continue creating long-term value."