Easy Taxi raises US$40mil from new investors
By Digital News Asia July 30, 2014
- Series D funding led by Phenomen Ventures, with participation of Tengelmann Ventures
- To be used to advance technology, scale ops across more audiences and geographies
ROCKET Internet’s Easy Taxi, a mobile taxi app available in Latin America, Africa, the Middle East and Asia, said it has secured US$40 million in Series D funding led by the Russian Phenomen Ventures and with the participation of Tengelmann Ventures, the investment company of German retail giant Tengelmann Group.
The confidence these new investors have is a testament to Easy Taxi’s successful expansion during the past year and its leadership position across multiple markets, the startup said in a statement.
“We are very proud to have secured this new round of funding, which will allow us to continue our growth trajectory in existing markets, advance our technology, scale our operations and improve our service towards more audiences and geographies,” said Easy Taxi co-chief executive officer (co-CEO) Dennis Wang.
“In particular, the expertise of our new investors aligns with our ambition to further increase our market share in Asia and consolidate our leadership in Latin America,” he added.
Easy Taxi was founded in Brazil in 2011, and now operates in 32 countries and 162 cities worldwide. In June 2013, it secured a round of funding worth US$15 million from its original backer Latin America Internet Holding.
“In the last year, we were able to add over 150,000 drivers to our network, bringing it now to around 185,000,” said co-CEO Tallis Gomes.
“We complete millions of rides per month across 160+ cities in 30+ countries worldwide, and the additional funding will enable us to continue working towards our mission of making the traditional taxi industry function in a much more convenient and safe way than it ever has,” he claimed.
Phenomen Ventures is a US$300-million venture and growth equity firm with a presence in the United States, Europe and Israel. Its portfolio companies include DeliveryHero, FoodPanda, Onetwotrip, Hailo, Hellofresh, Weebly and others.
The Tengelmann Group is an international operating retail company whose business interests are spread across a number of different industries. Tengelmann Ventures is one of Germany’s leading venture capital companies and has invested in a number of Rocket Inetrnet companies.
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