The ambition to expand into four new countries helped the Estonian-founded taxi app, Taxify, raise €1.4 million in funding from multiple international investors – Adcash (one of the world’s largest advertising networks), Rubylight (the investor of Ask.fm and Odnoklassniki) and the London-based investment fund, TMT Investments.
According to the founder of Taxify, Markus Villig, the investment will be used for assuring its leading position in Eastern Europe and rapid growth in new markets.
“First we want to make strong entrance to Central European markets, as the interest from local taxi companies is remarkable. At the rapid growth stage we pay extra attention to high quality of taxi services, so both the taxi drivers and customers would be satisfied,” Villig said.
The company said in a statement it has seen “huge growth over the last year, as from January 2014 the monthly booking volume has grown over 20 times and Taxify has been used by hundreds of thousands of users”.
Taxify offers taxi companies and individual licensed taxi drivers an opportunity to get additional orders from mobile users. The company was established in 2013 and is currently operating in Latvia, Lithuania, Estonia and Finland.
In June, Taxify was named Estonia’s best mobile application 2014.