Sherbet, the UK’s largest operator of electric Hackney carriages, said on Monday it had secured £40 million in funding from Hoplon Investment Partners, the biggest investment to date in London’s licensed taxi industry.
The company, founded in 2013 by former cab driver Asher Moses, operates a fleet of about 550 electric black cabs across the capital. The new funding will support its plans to increase that number to 3,000 over the next three years, as well as expand operations internationally.
Sherbet said part of the investment will be used to enhance its digital platform, which integrates driver bookings, data insights, and out-of-home advertising. The system is designed to improve driver earnings and job security while sharing anonymised traffic, safety, and environmental data with city authorities. The company will also invest in training through the Knowledge School, the licensing programme for new drivers.
“This investment marks a turning point, not just for Sherbet, but for the future of the black cab industry,” said CEO Asher 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’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.”
Sherbet has positioned itself as a moderniser of London’s taxi trade, offering a booking app similar to ridehailing platforms while maintaining the licensed black cab tradition. The fleet is largely made up of LEVC TX electric cabs, produced by Geely’s London EV Company.
