Electric black taxi company Sherbet has raised up to £40m in supportive growth capital from European private equity firm Hoplon Investment Partners.
The move marks one of the largest single investments in the history of the licensed London taxi trade, with the firm planning to use the cash in its expansion from 550 to 3,000 electric taxis over the next three years.
Founded in 2013 by British entrepreneur and former black cab driver Asher Moses, Sherbet offers a zero-emissions, tech-enabled mobility platform, and operates one of the UK’s fastest-growing electric black cab fleet.
Alongside fleet expansion, the company will use the investment for technological integration, developing a fleet platform that provides drivers with access to bookings, data, out-of-home (OOH) advertising, and advanced analytics to increase earnings and job security.
In addition, it will create a ‘Knowledge School’ for entrants to the sector, safeguarding acceessibility for disabled passengers, especially wheelchair users, and offering advanced analytics through urban data infrastructure for drivers and local authorities.
Asher Moses, CEO at Sherbet, 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.”
Sven Hansen, Co-founder and Managing Partner at Hoplon Investment Partners 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.”
Image courtesy of Asher Moses courtesy of Sherbet
