Taxify, the leading European ride-hailing company with operations in Ghana, has completed an investment round of $175 million.
The company says it will use the funds to further develop its ride-hailing technology and continue to build the best ways to move in cities, particularly in Europe and Africa.
The investment round was led by global automotive leader Daimler (owners of Mercedes-Benz) that counts several 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 existing investors, including Didi Chuxing, in a round that brings Taxify’s valuation to an exciting $1 billion.
Given Daimler’s interest in mobility, it makes sense that they would back Taxify.
The ride-hailing app was launched in 2013 but already boasts 10 million customers in over 25 countries globally, making it the fastest-growing ride-hailing company in the world.
Albert Aryee, Operations Manager for Taxify in Ghana said: “This investment is exciting for Taxify in Ghana, as it will provide additional momentum to expand the platform’s availability to drivers and riders in more cities apart from Accra where it is already in use.”
Taxify was 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.
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 10 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 10 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.”