Sherbet Electric Taxi Company, a central London-based electric taxi company, has secured a £1.6m ($2.03m) asset refinance deal with Reward Funding.
The working capital injection has facilitated the opening of Sherbet’s new headquarters in Camden and the expansion of its fleet, which now comprises 450 electric taxis.
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The deal was brokered by Ethos Asset Finance.
This funding will support Sherbet’s plans to treble its business size over the next 12 months through mergers and acquisitions.
Sherbet is also transforming part of its new headquarters into a café and community hub, set to launch in January 2025.
The café will operate 24/7, offering an environment for licensed taxi drivers and a space for local residents.
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By GlobalDataSet up in 2014, Sherbet is owned by Asher Moses, who has spent more than 20 years in London’s black taxi industry.
Moses, who became a licensed hackney carriage driver in 1989, is said to have been has been key in introducing credit and debit card payments to the London taxi trade and advancing taxi vehicle advertising.
He said: “Our growth plans have really accelerated in the last 12 months due to growing corporate demand for greener transport solutions, the expansion of our electric vehicle fleet and the opening of our new headquarters.
“We have also decommissioned 250 diesel powered vehicles to completely decarbonise our entire fleet and invested greatly in supporting Transport for London and its target to eliminate emissions across the capital.”
Reward Asset Finance managing director Robert Still said: “Our mission is to deliver responsive asset finance solutions to companies seeking to unlock new market opportunities, foster innovation, and drive growth.
“Sherbet Electric Taxi Company exemplifies how we empower businesses to access a higher level of funding than traditional banks by utilising the equity in their assets.”
Reward supported GETECH, an AIM-listed company, with a £500,000 funding deal in July 2024.
This funding aided GETECH’s strategic growth in reducing the global carbon footprint through energy and mineral resource exploration.
