Taxify, a leading European ride-hailing company, has completed an investment round of $175 million. The company will use the investment to further develop its ride-hailing technology and continue working on best ways to move in cities, particularly in home markets Europe and Africa.
The investment round was led by global automotive leader Daimler that counts a number of European mobility and technology companies amongst its portfolio. Daimler will also join the board of Taxify.
European venture capital fund Korelya Capital and TransferWise co-founder Taavet Hinrikus joined a number of existing investors including Didi Chuxing in a round that brings Taxify’s valuation to $1 billion.
Taxify launched in 2013 in Estonia with the then 19-year-old Markus Villig borrowing college money from his parents to build the first version and personally recruiting first drivers to the platform. Today, Taxify is one of the fastest-growing ride-hailing companies in the world with over 10 million passengers and 500,000 drivers in more than 25 countries.
Why has Taxify attracted this funding?
Jörg Lamparter, Head of Mobility Services, Daimler Financial Services, said: “Already today, we are serving almost 22 million customers worldwide with our mobility services, ranging from carsharing, multimodal platforms to ride-hailing. 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.”
Markus Villig, CEO and co-founder, Taxify said: “We’re on a mission to build the future of mobility, and it’s great to have the support of investors like Daimler and Didi. The number of rides on Taxify grew by ten times last year, even considering that our home markets Europe and Africa are some of the most complex markets for ride-hailing in the world. Today, more than ten million people globally use Taxify. But this is just the beginning as more and more people give up on car ownership and opt for on-demand transportation.”
Samuel Raciti, Taxify’s Country Manager for Australia, “This investment round is very exciting news for Taxify in Australia as it means we can accelerate our growth by further expanding our local operations. Satisfying our drivers is key to our business philosophy and this fundraise will enable us to develop more ‘driver delight’ features, quicker than originally anticipated.”
“It will also enable us to improve the Taxify app by working on and releasing updates based on Australian riders feedback while still keeping trip costs down for riders. To date, Australians have proven to be among the most keen to embrace Taxify and our Melbourne launch was the most successful globally, ever. We can’t wait to roll out in additional capital cities in the coming weeks and months.”