The electric black taxi operator Sherbet has secured up to £40 million in growth capital which will see their fleet expand from 550 to 3,000 vehicles over the next three years.
The new funding will also support the rollout of driver-focused technologies and expansion into new international markets.
Former cab driver turned entrepreneur Asher Moses founded Sherbet in 2013. Commenting on the new funding, he said: ‘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’s lacked a dedicated guardian committed to its 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 in the current modern mobility landscape. 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.’
In addition to growing the fleet, the company will use the new funding on a number of initiatives:
• Technological integration: Developing a comprehensive fleet platform that provides drivers with access to bookings, data, out-of-home (OOH) advertising, and advanced analytics to increase earnings and job security.
• Competitive positioning: Leverage Sherbet’s regulated, trusted brand to outpace unlicensed ride-hailing apps through a combination of heritage, innovation, and compliance.
• Driver pipeline: Investing in the next generation of Knowledge School entrants to ensure the long-term sustainability of the trade.
• Passenger assurance: Safeguarding accessibility and reliability for all Londoners, particularly wheelchair users who depend on the black cab network’s unique accessibility features.
• Urban data infrastructure: Equipping every taxi with advanced analytics capabilities to provide real-time environmental, traffic, and road safety data to local authorities, supporting London’s smart city initiatives.
Hoplon Investment Partners LLP, a private capital solutions provider advised on the deal.
Their co-founder and Managing Partner Sven Hansen, said: ‘Sherbet is redefining what it means to be a modern mobility company. 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.’
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