Estonia’s Taxify is set to step up its fight against global rival Uber across Europe and Africa after raising $175 million in funding from a group led by German automaker Daimler.
Didi also participated in the round, along with European venture capital fund Korelya Capital and TransferWise co-founder Taavet Hinrikus, with more than $100m of the investment coming from the German carmaker. The company said it plans to deploy the capital to develop its technology and make further expansions in Europe and Africa.
It counts 10 million passengers and 500,000 drivers in the more than 25 countries where it operates.
“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,” said CEO and co-founder Markus Villig in a statement. “This is just the beginning as more and more people give up on car ownership and opt for on-demand transportation.”
Uber, which has confronted a spread of struggles in its companies over the previous two years, stays the world’s largest participant within the on-line taxi hailing market outdoors China.