London black cab operator Sherbet secures £40m to expand electric fleet

Widely reported in the news, Sherbet, a leading electric black cab operator in London, has announced plans to expand its fleet from 550 to 3,000 vehicles over the next three years following a record-breaking £40 million investment. The funding, provided by HOF II Holdco S.à r.l. and advised by Hoplon Investment Partners LLP, marks the largest single capital injection in the history of the city’s licensed taxi trade.

Founded in 2013 by former cab driver Asher Moses, Sherbet aims to modernise the iconic black cab by transforming it into a zero-emissions, tech-enabled mobility platform. The investment will support not only fleet growth but also the rollout of a comprehensive driver-focused technology platform. This includes access to bookings, advertising opportunities, and advanced analytics designed to boost driver earnings and job security.

Sherbet’s expansion strategy also includes equipping each cab with real-time environmental, traffic, and road safety data capabilities to support London’s smart city initiatives. The company has pledged to maintain the black cab’s accessibility features, including full wheelchair access, while investing in the next generation of drivers through its Knowledge School pipeline.

The move positions Sherbet to compete more effectively with unlicensed ride-hailing platforms by leveraging its regulated status and heritage brand. With interest from international markets, Sherbet plans to export its model globally, promoting London’s black cab as a symbol of sustainable urban transport.