Brazil-based ride sharing company Easy Taxi secured $40m in series D funding on Saturday from Tengelmann Ventures, the corporate venturing fund owned by retail chain Tengelmann, and venture firm Phenomen Ventures.
Incubated by Rocket Internet and launched in 2011, Easy Taxi operates as a mobile app that can connect drivers with passengers. It operates in 30 countries across North America, Latin America, Africa, Asia and the Middle East.
Dennis Wang, Easy Taxi’s CEO, said: “We are very proud to have secured this new round of funding, which will allow us to continue our growth trajectory in existing markets, advance our technology, scale our operations and improve our service towards more audiences and geographies.
“In particular, the expertise of our new investors aligns with our ambition to further increase our market share in Asia and consolidate our leadership in Latin America.”
Easy Taxi has now raised about $77m since it was founded, with past backers including Imena Holdings and two holding companies jointly owned by Rocket Internet and internet service provider Millicom: Africa Internet Holding and Latin America Internet Holding.
Tengelmann, which has invested in several Rocket Internet companies including car listings site Carmudi, and Phenomen participated as new investors.