London’s black cab industry has received its biggest ever investment as Sherbet, The Electric Taxi Co, secures up to £40 million in backing to scale its zero-emissions fleet and prepare for global expansion.
The funding comes from HOF II Holdco S.à r.l., advised by European private equity firm Hoplon Investment Partners LLP, and represents the single largest injection of growth capital in the history of London’s licensed taxi trade.
Founded in 2013 by Business Champion Award entrepreneur the year and former black cab driver Asher Moses, Sherbet has grown into the UK’s leading electric taxi company. Its mission: to transform London’s most recognisable mode of transport into a zero-emissions, tech-enabled mobility platform fit for the 21st century.
Sherbet currently operates around 550 electric cabs. With fresh capital secured, the company plans to expand its fleet to 3,000 vehicles over the next three years, consolidating the licensed industry under the Sherbet brand and offering independent drivers a new platform.
“This investment marks a turning point, not just for Sherbet, but for the future of the black cab industry,” said Moses. “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 has lacked a dedicated guardian committed to 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. 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.”
Sherbet’s growth strategy extends beyond electrification. The investment will fund the rollout of a comprehensive driver-focused technology platform, integrating access to bookings, data, advertising opportunities and advanced analytics to help drivers increase their earnings and job security.
Each cab will also be equipped to provide real-time environmental, traffic and road safety data to city authorities, bolstering London’s smart city credentials. Sherbet has also pledged to invest in the next generation of taxi drivers through the Knowledge School pipeline, ensuring the long-term sustainability of the trade.
Passenger accessibility and reliability remain central. Black cabs are uniquely designed to be wheelchair accessible, a feature Sherbet says it will safeguard as it scales.
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 investment will also help Sherbet strengthen its position against unlicensed ride-hailing giants such as Uber. By leveraging its trusted, regulated brand — and combining heritage with innovation — Sherbet aims to outpace app-based rivals through compliance, quality assurance and sustainability.
Sherbet’s model has already attracted interest from cities worldwide looking to replicate London’s unique blend of heritage and innovation. With Hoplon’s backing, the company is poised to export its platform internationally, positioning the London black cab as a global symbol of sustainable urban mobility.
For London, the investment marks not only a milestone in the taxi trade but also a boost to the capital’s green credentials. For Sherbet, it signals a future where the black cab remains an icon — but one reimagined for a cleaner, smarter age.
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Sherbet secures record £40m investment to expand electric London black cab fleet
