Sherbet, the UK’s largest electric black cab operator, secured £40m in funding from European private equity firm Hoplon Investment Partners to triple its fleet size over the next three years.
The investment represents the largest single funding round in London’s licensed taxi trade history. Sherbet plans to expand from 550 to 3,000 all-electric black cabs by 2027.
The company will also launch international operations at an undisclosed future date.
Technology and Driver Support Focus
The £40m will fund technology development that gives drivers access to booking systems, advertising opportunities, and analytics tools designed to boost earnings and job security.
Sherbet’s tech platform will provide real-time environmental, traffic, and road safety data to local authorities – supporting London’s smart city initiatives.
Better accessibility ranks as a priority for the expanded fleet. The investment includes improvements for wheelchair users and overall black cab network reliability.
“This investment marks a turning point, not just for Sherbet, but for the future of the black cab industry,” said CEO Asher Moses, a former London black cab driver. “The black cab is a globally recognised symbol of London – trusted, iconic, and deeply woven into the city’s identity.”
Moses emphasized the company’s modernization mission.
“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.”
Supporting London’s Green Goals
A portion of funding will support training for the next generation of London taxi drivers – securing the trade’s electric future.
London Mayor Sadiq Khan has set a target for the capital to reach net zero carbon emissions by 2030. Transport for London already operates 2,000 zero-emission buses in its fleet.
The city’s decarbonization efforts include ultra-rapid public charging hubs and discounted EV charging in select areas.
“Sherbet is redefining what it means to be a modern mobility company,” said Hoplon co-founder and managing partner Sven Hansen. “Asher’s vision blends the legacy of the black cab with a forward-thinking, data-led approach to electrification and driver empowerment.”
Hansen confirmed Hoplon’s support for both London expansion and international market entry.
The funding positions Sherbet as a key player in London’s transition to electric transportation – combining the city’s iconic black cab heritage with modern mobility technology.
