Zero-emissions London taxi firm Sherbet has secured £40m of investment which will help expend its zero-emissions fleet and allow the company to extend its own footprint globally.

The story began when founder Asher Moses became a licensed Black Taxi driver and went on to acquire a small fleet. Building the company and seizing its advertising potential, he was then able to exit in 2011 by selling the company to VeriFone. Sherbet itself then began in 2013 and has grown to be London’s biggest privately owned fleet.

The new funding, provided by HOF II Holdco and advised by Hoplon Investment Partners, is a step change in the London taxi market, being a major investment that could allow the company to increase its fleet of black cab electric cabs by a factor of six (from around 500 to 3,000 vehicles over the next three years).

In addition to the fleet size, the invest will support development of a new integrated platform for drivers, which could be exported internationally. This is especially poignant as ‘traditional’ cabs face pressure from ride hailing apps.

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