Cabify, which competes in the on-demand transportation Market, just announced a large Series C round of $120 million lead by Rakuten, the Japanese e-commerce giant. The round values Cabify at $320 million post-money.

Cabify is one the leaders of its market in South America and has also an extensive presence in Spain. The company currently operates in 14 cities and has more than 300 employees. The company differentiates itself from the Ubers of this world by properly licensing its activities in its different markets and by also going after businesses rather than focusing only on consumers.

The round will help the company to continue expending its activities and solidify its position in those geographies. The company’s revenues have grown 9-fold in 2014 and 7-fold in 2015.

Based in Madrid, this round is also a great success story for startups in Spain.

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