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Cabulous Raises $8M from RockPort Capital, Shasta Ventures

Date: 06/21/2012

Company: Flywheel Software

Surpasses 1,000 U.S. Taxis in its Growing Mobile Taxi Network

San Francisco, June 21, 2012 – With more than 1,000 U.S. taxis already live on its mobile taxi network, San Francisco-based Cabulous announced today it has raised $8M in series A financing co-led by RockPort Capital and Shasta Ventures, as well as follow-on participation from angel investors including Sand Hill Angels and members of the Band of Angels. The team also announced a key hire, CTO, Mark Towfiq, most recently CTO at FanSnap, acquired by Nextag, who joins two-time public-company CEO and serial entrepreneur Steve Humphreys on the Cabulous leadership team.

By partnering with the taxi industry to bring the latest benefits of mobile technology to every driver and passenger, Cabulous is focused on making it easy to get a fairly priced, reliable ride anywhere, anytime. Because Cabulous focuses on serving fleets — not just individual drivers — with its patented back-end dispatch system, it’s able to provide both drivers and fleet owners with valuable data and innovative tools that help grow their businesses and increase profits. In turn, consumers using the Cabulous app (available for free download for iPhone & Android), enjoy transparency and confidence when hailing a taxi, automatically matching their location with nearby taxis from its mobile taxi network, and letting them know when the taxi arrives.

Already available in several cities across the U.S., with pilots in select international locations, Cabulous has focused its initial efforts in San Francisco, providing thousands of Cabulous rides every week to locals and helping drivers earn as much as 20 percent more every day.

“San Francisco is a great city to launch in,” said Steve Humphreys, CEO of Cabulous, “There’s huge demand for an improved taxi experience in terms of making getting a dependable ride simple, fast and cost effective. That’s why we’ve committed to this market. Lessons learned here in getting consumers affordable, dependable transit will be applicable to cities around the world.”

The Series A funding from Shasta and RockPort will support the Cabulous team as it evolves its product on both the consumer app as well as the roll-out new features on its patented fleet dispatch service, which already handles a combined 100,000 rides a month. The company is actively targeting new cities with its vision for a seamless mobile taxi network, recently submitting its mobile app and service platform in response to the New York City Taxi and Limousine Commission’s call for proposals to power the city’s plans for a seamless mobile-hail system.

Investor Rob Coneybeer, Partner at Shasta Ventures, explained, “The Shasta team is passionate about supporting entrepreneurs that bring solutions to existing markets in need of efficiency and transparency. Cabulous fits perfectly into this model and sits at the intersection of all that is exciting in local and mobile innovation. We are confident that the team’s unique focus on serving fleets will quickly create the level of supply that millions consumers in major cities will require, not to mention love.”

“With a series of investments in transportation, RockPort is always on the look out for category-defining companies and products that will shape the future of the sector, and Cabulous stands out in its approach of partnering with the industry,” said Abe Yokell, Partner at RockPort Capital. “The potential for a truly global business serving millions of consumers is real, and we’re looking forward to seeing Cabulous adopted in cities around the world.”

Available today for both fleets and consumers, Cabulous will continue to add more fleets to the map across the U.S. and plans to release new features in the coming weeks.

About Cabulous
Cabulous launched its current service platform in 2011 from its headquarters in San Francisco, California. Cabulous is making every-day rides around town a better experience for passengers, drivers and fleets with its innovative dispatch-through-consumer hail system. Bringing a network-based approach to the global taxi industry, Cabulous offers fleets an innovative patented back-end dispatch system, allowing passengers to access large-scale fleets through an automated, free mobile app anytime they need a ride. Available for free download on iPhone and Android, Cabulous serves cities around the U.S. with a focus on its first city, San Francisco. To find out more visit Cabulous here: www.cabulous.com

Media Contact:
Press@Cabulous.com

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