MCI.TechVentures 1.0, a fund managed by PEManagers Group, has invested USD 20 million in GetTaxi – the world’s second largest player operating a web and mobile-based taxi cab ordering service. The fund was not the only investor in this round of funding. The richest man in the UK also entrusted the company with his money.
“GetTaxi has all the assets of Uber, the global industry leader, but it is deprived of Uber’s drawbacks. Unlike its competitor, it only works with licensed drivers, which mitigates a significant risk in this business,” claims Maciej Kowalski, Investment Partner at PEManagers.
With the next round of financing, GetTaxi intends to challenge Uber, the global leader.
“The investment in GetTaxi is a result of the fund’s strategy, which envisages investing in growth-stage technology companies, e.g. from the digital disruption sector. The company is the largest player in the passenger transport market outside the U.S. and has a leading position in the largest European markets. It has been growing at an annual rate of more than 300 percent and it seems to be set to keep up the pace”, says Maciej Kowalski.
The article was published in Puls Biznesu on 4 May 2015.