AAA Taxify gains ground with $175m

Taxify gains ground with $175m

Estonia-based ride hailing platform Taxify has raised $175m from a consortium led by carmaker Daimler, which provided more than $100m, the Financial Times reported today.

On-demand ride provider Didi Chuxing, venture capital fund Korelya Capital and Taavet Hinrikus, co-founder of money transfer platform TransferWise, also participated in the round, which valued Taxify at more than $1bn.

Taxify operates a ride hailing service in 25 countries, primarily focusing on Central and Eastern Europe and Africa, though it has also launched in London. It claims to have attracted 10 million passengers to date.

Daimler is expected to provide Taxify with access to its expertise in autonomous driving systems, and may integrate the service into its urban mobility app, Moovel. An unnamed representative of Daimler will join Taxify’s board of directors.

Taxify will invest the money in its technology as it looks to strengthen its position in existing markets. It aims to book approximately $1bn worth of rides in 2018 and expects to launch in additional cities in the next few years.

Didi Chuxing had invested an undisclosed sum in the company in August 2017, adding to a reported $2.4m in earlier funding, including $1.7m provided by online advertising company Adcash, Rubylight and TMT Investments in 2014.

Jörg Lamparter, head of new services at Daimler, said: “Taxify is an ideal addition to our existing and extensive mobility services portfolio. With its fast-growing ride hailing activities and extensive geographical coverage, Taxify is a perfect fit with Daimler.”

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