Germany-based taxi app MyTaxi has been acquired by automotive company Daimler’s Moovel unit for an undisclosed amount, providing an exit to Deutsche Telekom’s corporate venturing unit, T-Venture.
The deal is likely to have made a strong return for T-Venture, which dubbed the company “a star performer”. Thomas Grota, investment director at T-Venture, said: “mytaxi has always been a star performer in our portfolio. Our engagement in the company has been highly positive on several levels: from the professional collaboration with the team to the successful exit. Our expectations have not simply been met, but exceeded. We are convinced that moovel will advance the mobility of the future topic in conjunction with mytaxi and continue to strengthen its position as international leader in the field.”
MyTaxi is a taxi-ordering app that operates without central dispatching services, meaning drivers work independently.
Daimler manufactures 60% of all taxis in Germany. The acquisition will provide an opportunity for the MyTaxi app to be spread across its fleet.
Daimler already owns a ride-sharing service, Car2Go, which is used on its vehicles.
MyTaxi, which was founded in 2009, raised $13m in a series B round in 2012 in which participants Daimler received a 15% stake. T-Venture, KfW Bankengruppe, Cinco Capital and private investors also took part.