Daimler leads $175mn funding round into Uber rival Taxify

By Johan De Mulder

Daimler is the leading backer in the latest funding drive into Uber's European rival Taxify, with the round raising $175mn.

Taxify, which was founded in Estonia in 2013 and has grown to operate in 25 countries with 500,000 drivers, has seen its value pass the $1bn mark for the first time after details of the investment were released.

Investors who joined Daimler in the round included the Chinese ride-sharing giant Didi, Europe-based Korelya Capital and Estonian fintech investor Taavet Hinrikus. As part of their terms of the deal, Daimler will take a seat on Taxify's board.

See also:


Taxify is set to invest the capital into a growth plan for central and eastern Europe and Africa, with rival Uber having faced a number of licensing struggles across the continent over recent years.

"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," said CEO and co-founder Markus Villig in a statement. "This is just the beginning as more and more people give up on car ownership and opt for on-demand transportation."

In recent months, Business Chief has reported on similar investments made by Daimler as it prepares for the future of mobility, including the purchase of a 10% stake in British mapping startup what3words and its acquisition of carsharing business car2go Europe.

Share

Featured Articles

Top 10 largest revenue generating family businesses in MENAT

From the UAE to Turkey, these family firms are the largest by revenue in MENAT and cover everything from energy to entertainment

Top 10 metaverse projects in the UAE, including world firsts

As Accenture predicts the metaverse will fuel a US$1 trilion commerce opportunity by 2025, we round up 10 pioneering metaverse projects in the UAE

PwC’s survey shows Middle East CEOs remain upbeat on growth

CEOs in the Middle East are far more optimistic about regional growth than those in North America and Europe, according to PwC’s annual survey

Opinion: “Why we must tackle the digital skills crisis"

Leadership & Strategy

5 Mins With: Kathryn Kaminsky Vice Chair Trust Solutions PwC

Leadership & Strategy

Survey: The Future of Cloud Security in the Middle East

Technology