Blue Like an Orange finances Cabify to boost safety in ride hailing in Latin America

ImpactAlpha, February 12 – Blue Like an Orange Sustainable Capital, the debt fund founded by former World Bank officials to finance the Sustainable Development Goals, has closed its second deal (see, “Blue like an Orange’s first loan goes to small-business lender Produbanco in Ecuador”).

Cabify, founded in Madrid, operates in 10 Latin American countries as well as Spain and Portugal. Blue Like an Orange’s Suprotik Basu told ImpactAlpha that Cabify committed to measure improvement in road safety and carbon reduction, and to improve safety for women riders and to hire women as drivers.

The fund committed $30 million in mezzanine debt to go with $40 million from IDB Invest, an arm of the Inter-American Development Bank. For growing businesses, such “structured financing” can bridge the gap between equity investment and commercial debt.

• Agent of Impact. The former chief financial officer of the World Bank, Blue Like an Orange’s Bertrand Badré published a book last year, “Can Finance Save the World?” Follow ImpactAlpha on Instagram.