Telefonica backed Minicabit, the online/app cab service, is tapping UK investors and business leaders for additional funding as it targets revenues of £100m by 2020 by enabling cab operators to fight back against their technology enabled rivals.
Cash raised will be used to extend its range of partnerships and double the number of partner cab fleets over the next 12 months, as well as introduce an app for tablets and the Apple Watch.
Backers include Adrian McAlpine, partner at construction giant Sir Robert McAlpin, Hambro Perks and famed thoroughbred racehorse owners the Sangster family.
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 operators, we think the game has only just begun! Some of the earliest UK entrants were perhaps armed with more money than sense, whereas minicabit has quietly grown its cab network, industry leading partnerships and superior online features to enable customers everywhere to pre-book a great cab deal on any device.”
A global revolution is currently taking place within the industry as cab operators migrate from printed flyers and telephone bookings to online and smartphone bookings.