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

Abu Dhabi Airports prepares for Terminal A opening

A decade in the making, Abu Dhabi International Airport welcomes 6,000 volunteers to test operational readiness of stunning new Terminal A building

Business Chief expands portfolio with new look and coverage

Business Chief Middle East & Africa launches with fresh new look and extended coverage of the region, with exclusive executive interviews and insights

How Octopus Energy grew to become an industry giant

Octopus Energy continues to grow after a deal was agreed to acquire Shell Energy in the UK and Germany, taking its customer base to almost seven million

Perkbox CEO: How to support employees through tough times

Human Capital

How Middle East is embracing the future of digital finance

Corporate Finance

UAE Lulu Group shifts business for global growth and IPO

Corporate Finance