AAA Vostok Nafta hails GetTaxi for $150m series D

Vostok Nafta hails GetTaxi for $150m series D

GetTaxi, the Israel-based developer of an app to locate taxis, has secured $150m in series D funding from backers including investment firm Vostok Nafta, which supplied $25m, Bloomberg reported yesterday.

The company has now raised about $210m since it was launched in 2011, according to Vostok Nafta, which also predicted it would reach a run rate of $150m in revenue by the end of 2014 and could reach a valuation of more than $2bn in the next two years.

Investment firm Kreos Capital led a $12m series C round for the company in August 2013, which followed a 2012 series B round led by conglomerate Access Industries, in which GetTaxi raised $20m.

In contrast to companies like Uber and Lyft, GetTaxi links customers to licensed taxis. The company is reportedly already profitable in 22 out of the 24 cities in which it currently operates and expects to reach profitability across the group by the first quarter of next year.

GetTaxi will use the funding to launch a new service in New York that will cater to corporate customers, and to expand its business in London and other major European cities.

– Photo courtesy of GetTaxi Inc.

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