Taxify a cab hailing service based in Estonia and operating across Europe has raised $175 million in funding from a group led by German automaker Daimler. The investment also included Europe-based Korelya Capital and Taavet Hinrikus, founder of Transferwise. China’s Didi Chuxing was among the returning investors.
Taxify is competing with Uber to gain market share across in Central and Eastern Europe, as well as some major African cities. The company plans to utilise the capital to develop its technology and make further expansions in Europe and Africa.
Daimler has been investing actively in ride hailing service companies across the world since the past few years. Its investments in the space include the acquisition of car-sharing business car2Go and German car-pooling startup Flinc, while it has put money into Europe-based car-pooling company Via and Turo, another car-sharing service which took on Daimler’s rival service Croove.
“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 of Taxify in a statement. “This is just the beginning as more and more people give up on car ownership and opt for on-demand transportation.”
This new round of funding has taken Taxify’s valuation to $1 billion.