Taxify Closes $175M Investment, Targets Expansion in Nigeria

By May 31, 2018 Investment News

Ride-hailing company, Taxify, has said it is now working on expanding the platform’s availability to drivers and riders in Nigeria after completing an investment round of $175m.

It stated in Lagos on Wednesday that the $175m investment had brought the company’s worth to $1bn.

The Nigeria Country Manager, Taxify, Mr. Uche Okafor, said that the company would use the investment to further develop its ride-hailing technology and continue working on best ways to move in cities, particularly in Europe and Africa.

“This investment is exciting for Taxify in Nigeria as it will provide additional momentum to expand the platform’s availability to drivers and riders in more cities, apart from Lagos and Abuja, where it is already in use,” Okafor added.

He stated that the investment round was led by global automotive leader, Daimler, which counts several European mobility and technology companies among 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 $1bn,” Okafor added.

The Chief Executive Officer and Co-founder, Taxify, Markus Vilig, 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.”

Source: Punch