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TaxiBeat flags down $2m more financing, expands to Mexico City

15 Jul 2013

TaxibeatGreek venture capital firm OpenFund-seeded taxi-hailing startup TaxiBeat has secured another $2m of financing amid its launch into Mexico City.

The Athens-headquartered has now raised a total of $3.4m from private investors as well as expanded to Paris, Oslo and Bucharest in Europe and Rio and Sao Paulo in Brazil.

TaxiBeat has attempted to differ its offering from competitors such as Easy Taxi, Hailo and myTaxi by running a rating service for cars and drivers.

The company’s expansion to Mexico City will see it target the 130,000 authorised taxis moving more than 1.5 million passengers each day.

Taxibeat LatAm director Duffy Sardo said, “The taxi service in Latin America varies greatly from one experience to the next.

“In just eight months Taxibeat has dramatically changed the service level for the better in two of the largest cities South America.

“We’re super excited to be launching this transportation revolution in one of the most dynamic cities in the world, Mexico City.”

In May last year venture capital firms Accel Partners, Helion Venture Partners and Blume Ventures led a fundraising round for TaxiForSure.com, an online taxi booking site based in India.

The site was set up by two IIM Ahmedabad graduates in June last year, with the hope of addressing the often difficult challenges of booking taxis in the country.

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