London’s leading electric taxi company secures £1.6m equity funding to drive expansion
A leading London-based electric taxi company has secured a £1.6 million refurbishment deal, strengthening its position in the capital’s fast-growing transport sector and setting the stage for further growth.
Sherbet Electric Taxi Company, which has completely liquidated its fleet of London black cabs, will use the funding to pursue strategic mergers and acquisitions, expanding its fleet and overall market presence.
The asset finance facility, delivered by Prize Funding and traded by Ethos Asset Finance, will help Sherbet grow the trading capacity of its new flagship headquarters in Camden. Apart from serving as a business nerve centre, the site will have a 24/7 cafe and community hub to be launched in January. Designed to support licensed taxi drivers and provide a welcoming environment for vulnerable people or those in need of a safe environment, this initiative emphasizes the company’s social and environmental responsibility.
Asher Moses, founder and owner of Sherbet, has spent more than two decades innovating within London’s historic taxi trade—introducing credit and debit card payments in the early 1990s and championing taxi advertising. Now, his focus is on sustainable mobility: Sherbet has replaced 250 diesel vehicles with all-electric vehicles, combining his ambitions with Transport for London’s vision to eliminate pollution and improve the city’s air quality.
“Corporate demand for green transportation solutions is growing, and as we invest heavily in our fleet and infrastructure, we knew we needed a flexible financing solution,” Moses said. “Reward’s support allows us to seize the current market opportunity, expand rapidly, and stay true to our values. With the acquisition deal confirmed, we are looking to triple our size through carefully considered mergers and acquisitions, all while fighting for a sustainable future for London transport.”
With Prize funding, the agreement shows how new financing options can unlock the growth of businesses with strong social and environmental initiatives. Robert Still, managing director of Reward Asset Finance, commented: “We are proud to support Sherbet’s vision, not just as a lender but as an advocate for clean and green travel. By using equity in their assets, we enabled Sherbet to scale much faster than would have been possible with traditional bank loans.”
With new money in hand and a clear strategy for continuous upscaling, the success story of the Sherbet Electric Taxi Company looks set to continue, setting the benchmark for how traditional services can adapt to a bleak future.
