Funding secured to expand electric black cab company Sherbet

Electric taxi company Sherbet has secured up to £40 million in supportive growth capital, with the aim of expanding its fleet from 550 to 3,000 vehicles, invest in driver-focused technology, and prepare for international rollout.

The investment, secured from European private equity firm Hoplon Investment Partners, marks the largest single investment in the history of the licensed London taxi trade.
 
Sherbet was Founded in 2013 by British entrepreneur and former black cab driver Asher Moses, who has a mission to transform the world’s most recognisable taxi into a zero-emissions, tech-enabled mobility platform.
 
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.”
 
The raised investment will scale Sherbet’s owned fleet from 550 to 3,000 electric taxis over the next three years, offering independent drivers and fleet owners a new home under the Sherbet brand.

It aims to develop 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.