Taxify has propelled its valuation which touches to $1 Billion.
This European ride-hailing company Taxify after raising funds from a group of investors led by Germany’s Daimler AG increased its share. The company also secured $175 million from European venture capital fund Korelya Capital, TransferWise Ltd. co-founder Taavet Hinrikus and a number of existing investors including Chinese ride-sharing service Didi Chuxing in the latest round.
The funds will be used to develop its travel technology and improve operations in its home markets in Europe and Africa, the company said.
Taxify started its business in Tallinn, Estonia in 2013. It was started by Chief Executive Officer Markus Villig, Taxify now has more than 10 million passengers in over 25 countries. The number of rides that employed Taxify grew 10-fold last year.
Villig, who created the first version of the platform by borrowing college money from his parents said that there is a huge opportunity here for the growth.
As Taxify increases its valuation, it continued to expand, for this will need to raise more capital.
The investment adds to Daimler’s portfolio of European mobility-services and technology companies, which have almost 22 million customers already. Didi Chuxing in August agreed to invest in and collaborate with Taxify, which had raised about 2 million euros from venture capitalists.