Kabbee seeks £1m of crowd funding

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Kabbee seeks £1m of crowd funding

Kabbee, the minicab price comparison and booking app, has launched a crowdfunding campaign targeting at least £1m through 2015 Future 50 alumni Crowdcube.

Kabbee is raising the money in its attempt to raise over £90m in taxi bookings on a national scale in 2018.

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 Uber, the fastest-growing company of all time, Kabbee has been growing in London for four years, and revenues are on track to increase from £790,000 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 and access to their 5 Minute Punctuality Promise.

Since its launch in 2011, Kabbee has received investment from 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.

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