London's black cab industry is set for a major transformation after Sherbet, The Electric Taxi Co, secured a record-breaking £40 million investment to increase its zero-emissions fleet and prepare for global expansion.
The funding, provided by HOF II Holdco S.à r.l., advised by Hoplon Investment Partners LLP, marks the largest single capital injection in the history of the city's licensed taxi trade.
Founded in 2013 by former black cab driver Asher Moses, Sherbet aims to revolutionise London's famous cabs into a "zero-emissions, tech-enabled mobility platform" fit for the 21st century.
With the new capital, the company plans to increase its fleet of electric cabs from 550 to 3,000 vehicles over the next three years consolidating the licensed industry under the Sherbet brand and offering independent drivers a new platform.
Moses stated: "This investment marks a turning point, not just for Sherbet, but for the future of the black cab industry.
“The black cab is a globally recognised symbol of London — trusted, iconic and deeply woven into the city’s identity. Yet for too long, it has lacked a dedicated guardian committed to modernisation.
“Our mission is to step into that role, not only to preserve its heritage, but to equip the trade with the technology, data and scale it needs to thrive.
"With this investment, we’re laying the foundation to reposition the licensed industry and establish Sherbet as its new home: electric, innovative, and built for the future.”
The expansion strategy extends beyond simply adding more vehicles. The funding will support the development of a comprehensive technology platform for drivers, integrating access to bookings, data, advertising opportunities and advanced analytics to help drivers increase their earnings and job security.
The cabs will also be equipped to provide real-time environmental, traffic and road safety data to city authorities, bolstering London’s smart city credentials.
Sherbet has also pledged to invest in the next generation of taxi drivers through the Knowledge School pipeline, ensuring the long-term sustainability of the trade.
The investment is also a move to strengthen Sherbet's position against unlicensed ride-hailing services, such as Uber, by combining the black cab's trusted, regulated brand with modern innovation.
Sven Hansen, co-founder and managing partner at Hoplon, said: "Asher’s vision blends the legacy of the black cab with a forward-thinking, data-led approach to electrification and driver empowerment.
"We’re proud to support Sherbet’s growth in London and its expansion into international markets."
Sherbet's model has already drawn interest from other cities worldwide, and the company plans to export its platform internationally.
This investment is seen as a significant boost to London’s green credentials and a commitment to preserving the heritage of the black cab while adapting it for a cleaner, smarter future.
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