South Africa’s Zebra Cabs has raised $21.5 million from Futuregrowth to expand its metered cab service
Summary
Mark Herskovits, the Capital Markets Director of Zebra Cab’s parent company, SA Taxi, said, “We will consider seeking additional funding sooner if required, but we first want to build scale in the key area of Johannesburg to achieve critical mass before expanding operations to Cape Town and Durban. Futuregrowth will also partner with SA Taxi to offer vehicle financing opportunities to Zebra Cabs’ owner-driver who do not have a credit record. This often precludes previously disadvantaged individuals from accessing the finance needed to build a profitable small business,” says Herskovits. Zebra Cabs has improved over the years from a traditional curbside taxi service to include other booking options via calls, online or through their mobile app. He said the company has partnered with corporates in Johannesburg as their exclusive transport provider to secure its presence in a “big market within which Uber can’t compete.”