London black cab operator eyes 3,000 vehicle expansion after £40m investment

Sherbet, the UK’s largest electric black cab operator, is looking to expand its current fleet after raising £40m worth of investment from European private equity form, Hoplon Investment Partners.

After securing the largest single investment in the history of the licenced London taxi trade, Sherbet aims to expand its all-electric black cab fleet from 550 to 3,000 vehicles over the next three years. The company will also launch internationally at a future date.

The £40m funding will be used to develop tech, allowing drivers access to bookings, advertising, and advanced analytics to increase earnings and job security. Sherbet’s tech drive also promises to provide real-time environmental, traffic, and road safety data to local authorities.

Better accessibility is also a priortity for Sherbet. Its additional investment will also be spent on improving vehicle access for wheelchair users, as well as the overall reliability of the black cab network.

To secure the trade’s long-term electric future, Sherbet will use a percentage of the funds to invest in the next-generation of London taxi drivers.

Sherbet CEO, Asher Moses – a former London black cab driver himself – commented: “This investment marks a turning point, not just for Sherbet, but for the future of the black cab industry. 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.

“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.”

Hoplon co-founder and managing partner, Sven Hansen, added: “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.”

Sherbet is eager to support London’s smart city and green initatives. London Mayor, Sadiq Khan, laid out a plan for London to be net zero carbon by 2030, and the capital’s public transport network – Transport for London – already has 2,000 zero-emission buses in its fleet.

Addtional decarbonization programmes include the introduction of several ultra-rapid public charging hubs, and cut-price EV charging in certain areas.