Kabbee, a price comparison service for London’s minicabs, has completed a Series A funding round. Octopus Investments led the round with Simon Nixon, founder of MoneySupermarket.com, making a significant contribution.
Kabbee, the price comparison service for London’s best minicabs, has completed a £3.8m Series A funding round with a view to accelerating its growth in London and beyond. Octopus Investments, whose past investments include Zoopla.com, Graze.com, SwiftKey and Secret Escapes, led the round, with Simon Nixon, the founder of MoneySupermarket.com, making a significant contribution.
Kabbee will aim to consolidate its position as London’s most popular minicab app by using the investment to develop its market leading technology and to build its brand. The expertise of Octopus and Simon Nixon, alongside existing shareholders such as Samos (Betfair, Ocado, Goal.com), Pentland (Speedo, JD Sports, Hunter), Redbus (LOVEFiLM, Lionsgate), Tim Levene (Managing Partner at Augmentum Capital) and Ed Wray (co-Founder of Betfair), creates a formidable team of British entrepreneurs and investors.
Justin Peters, Founder and CEO of Kabbee, commented: “We’ve had a brilliant journey since our launch in June 2011 and this transaction brings Kabbee a significant amount of experience in building consumer brands. We’ll use that to ensure that the minicab fares London passengers pay become increasingly transparent. Overall, this investment is a big thumbs up for the London minicab sector and will provide specific support for the 60 fantastic fleets and their drivers working with Kabbee. We have just launched our new #WouldYouRather integrated marketing campaign, focusing on choice, so it’s a very exciting time.”
Simon King, a member of the Ventures team at Octopus, commented: “Kabbee is a market leading service that brings the benefits of comparison to minicab bookers while supporting the best firms and drivers within the fragmented £2bn London minicab market. We are excited about backing the strong management team at Kabbee and look forward to working with them and Kabbee’s other investors in the next stage of the company’s development.”
Simon Nixon of Moneysupermarket.com commented: “I am committed to working with entrepreneurial companies who are changing sectors and Justin and the team at Kabbee have a great opportunity to do this in the minicab sector. I’m delighted to have the chance to provide support and ensure Kabbee continues to succeed.”
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Notes to Editors
About Octopus Investments
Founded in 2000, Octopus is one of the UK’s fastest growing investment management companies. We currently manage £3 billion of assets on behalf of 50,000 customers. We offer a straight-talking approach to investments, exceptional customer service and a range of products that do what they say they will.
The Ventures team at Octopus
The Ventures team at Octopus are straight-talking human investors that back talented people rather than specific sectors. We focus on identifying fast growth businesses which can scale explosively to create, transform or dominate an industry. We can invest from £250,000 to £5 million and prefer to partner teams based in the UK.
The work of our Ventures team is supported by access to the Octopus Venture Partners, a network of approximately 100 outstanding business leaders, entrepreneurs and private investors providing an invaluable wealth of expertise and resource for our portfolio companies, as well as investing on a deal-by-deal basis alongside Octopus venture funds. This blend of knowledge and skill has allowed us to help many great companies across several sectors thrive in recent years, including: Zoopla; Graze.com; SwiftKey; and, Secret Escapes. For more information visit www.octopusinvestments.com
About Simon Nixon
Simon Nixon co-founded Moneysupermarket.com Group Plc in 1999 and served as its Chief Executive Officer until February 2009. Mr. Nixon also served as Chief Executive Officer of Travelsupermarket.com and Moneysupermarket.com. He has been the Non-Executive Chairman of MoneySupermarket.com Group PLC since April 2013.
Kabbee is an instant minicab price comparison, booking and payment service available in London as an iPhone, Android and Blackberry 10 app and at www.kabbee.com. Kabbee lets users instantly compare quotes from 60 leading London fleets and then book and pay by cash, card or pre-paid account. This saves passengers time and money and increases fleet efficiency and driver revenues. Kabbee was launched in June 2011 and has had over 250,000 app downloads to date.
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