myTaxi, the popular German mobile app for taxi booking, has just announced that it has landed a €10m investment from backers car2go (a subsidiary of Daimler), Deutsche Telekom, KfWBankengruppe and Lars Hinrichs, founder of XING and Hackfwd.
The Hamburg-based company is the largest and fastest-growing taxi app on the European market, with 800,000 downloads of the app and 7,000 registered drivers on its books.
Daimler subsidiary car2go has acquired a minority stake while Lars Hinrichs also joins existing investors T-Venture (the venture capital of Deutsche Telekom AG) and KfW Bankengruppe, both of whom contributed to the funding round to promote the rapid growth of the company.
myTaxi has been a huge success since its launch in March 2010. Customers can order a taxi directly from a smartphone app, while taxi drivers only pay small trip fees without having to pay any costs to dispatching centres.
“The digital ordering system will change the taxi market fundamentally. By being creative and revolutionary, myTaxi can become the leader of this billion Euro market in Europe,” says Lars Hinrichs.
Further European expansion is planned by the company. Niclaus Mewes, CEO and founder elaborates: “After Germany, Austria and Switzerland, countries such as England, Spain and the Netherlands will be targeted in co-operation with our new shareholders. By working closely with our partners car2go and Deutsche Telekom Group, we will all profit from the strategic partnership.”