One more regional on-demand transportstartup is raising a big round of funding to fortify itself for the next phase of competition against the likes of Uber and incumbent taxi firms. Cabify, the ride-sharing startup that operates in Latin America, Spain and Portugal, has raised just under $100 million in new funding ($99,999,994 to be exact), according to a Form DSEC filingfor Maxi Mobility, as the company is officially called.

The money is reportedly part of a total of $500 million that the company hopes to raise in a Series D round.

Juan de Antonio, Cabifys cofounder and CEO, declined to comment on the filing or its bigger fundraising effort when we contacted him.Nothing to comment. We are always raising capital. We will make an official announcement when we have something to share, hesaid in an email to me.

However, about a month ago, he and other Cabify executives were quoted in an article in Brazilian publication Estadao about how the company is raising $200 million specifically to expand nationwide inBrazil which gives a clue to where this funding is going and also to underscore that the $100 million from the Form D appears to be just one tranche of it.

We see more opportunities in Brazil and Latin America than in Europe, de Antonio told the publication. Cabify, which competes against Uber, 99 and Easy Taxiin Brazil, currently has around a 40 percent share of the market in Sao Paolo, one of the seven cities where it already has operations in Brazil. Its live in 12 countries.

For its part, Cabify last raised $120 million at a $320 million valuation almost exactly a year ago. It has raised about $243 million to date.

Cabifysnew funding was first spotted by Spanish blog Kippel01before getting picked up in English by Tech.eu. Sources cited by Kippel01 say its part of a larger, $500 million Series D that the company is trying to raise.

Were asking around to see if we can confirm that larger total ourselves, but in the meantime, here is what the SEC filing tells us:

Others listed on the filing, in addition to De Antonio, are AngelList COO Kevin Laws, Seaya Ventures founder and managing partner Beatriz Gonazlez, and Rakutens investing arms managing partner in Europe Oskar Mielczarek. These three firms were all previous investors in Cabify.

While Kippel01 claims all three are in this round, that may not be correct. The Form D notes that the $100 million comes from only one investor. Weve contacted Seaya and have not yet had a response, whileRakuten, which led the last $120 million round, directed all questions to Cabify. Were also reaching out to AngelList when California wakes up to see if we can get any clarification from them.

Uber rivals seize the day

The new funding comes on the heels of other regional leaders closing in on large funding rounds.

Last week, we reported that Indonesian Uber rival Go-Jek raised a $1.2 billion round at a $3 billion valuation. Grab, Ubers biggest rival in Southeast Asia, is reportedly raising $1.5 billion. And theres also been some regional consolidation. Last month, Gett acquired Juno for $200 million to double down on growth in the U.S..

In Latin Americaspecifically, Cabifys rival 99 in January raised $100 million from Chinas Didi; and Rocket Internets EasyTaxi has all but retreated from Asia to focus all of its resources and efforts on Latin America.

For these regional companies, there is a window of opportunity right now: their biggest app-based rival, Uber currently valued at $60 billion and active in hundreds of markets with a variety of services has been facing a huge wave of negative publicity on the back of multiple reportsabout how itruns its business and the behavior of its executives.

Many outraged bythe revelationshave been encouraging consumers to#deleteuber, and its been working. So incities where Uber was already facing a lot of competition from local players, those rivalsare now seizing the moment to try to grow at a time when consumers may be considering Uber alternatives more than ever before.

Aside from this, there is evidence that Uber may not have the appetite for long-term, expensive competition in every single market, especially those where its been outpaced by local rivals. Case in point is China, where Didi bought out Ubers business in the country last year. That is another opportunity that local companies (and their investors) are sizing up.

Cabify is also tapping into another interesting trend, whichexists in other areas like e-commerce and fintech. By putting a lot of focus on emerging markets, the company is hoping to ride the rising tide of a growing middle class with increasing amounts of disposable income (and smartphones) to spend on things like taxis.

But for the moment, the numbers are all still relatively small.

Taking just one of its established cities, Sao Paolo in Brazil, today the total amount of spend across all app-based transport services is estimated at just 1.5 million Brazilian reals, or $470,000. As a point of comparison, Uber globally in 2016 saw gross bookings of $20 billion. Focusing on specific regions rather than going for a larger economies of sale has a price.

Fighting fires

For Cabify, the decision to targetnewer markets in Latin America may not only be about going after emerging economieswith a lower saturation of competition, but also because of other issues in some of its more mature markets.

Earlier this month, nine Cabify cars were set on firein the Spanish city of Seville. A Cabify spokesperson said that the police is still investigating who might have been behind the act, but also pointed out that its been threatened before with such actions byrivals and their supporters, who have been talking about doing this kind of stuff for years.

The cars that were torched had beenvehicles licensed to operate in another city, not Seville. Cabify tells me that they were brought to Seville (legally) as part of an effort to lay on more vehicles to meet increased demand temporarily during a city-wide festival.

The incident underscores the fact that in Spain, not all has gone smoothly for app-based transportation companies. In March, taxi drivers in Madrid and Barcelona went on strike to protest the emergence of the new wave of private transport companies like Cabify and Uber.

Uber itself has been locked in a legalcasethat started as a dispute with taxi unions in Barcelona and has now been escalated to the European Courts. It led to Uber suspending services in Spain temporarily, although some are back up and running again as the case continues.

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