Taxify, the Estonian ride-hailing app, has reached unicorn status with a $1 billion valuation after raising $175 million in a round led by German automaker Daimler. China’s Didi Chuxing, the European VC Korelya Capital, and TransferWise co-founder Taavet Hinrikus also participated in the round. Daimler will join Taxify’s board as part of the deal. Prior to this investment, the company had only raised about $2.4 million in seed rounds, followed by an undisclosed eight-figure sum from Didi Chuxing in August 2017.
Since then Taxify has scaled-up to become one of Uber’s main competitors, with 10 million customers and 500,000 drivers across 40 cities and 25 countries. The startup’s ride volume grew ten-fold in 2017, according to CEO Markus Villig. The company has so far focused on Eastern European, Middle Eastern, and African markets, with a presence in Latvia, Lithuania, Serbia, Poland, Slovakia, Iraq, Saudi Arabia, Kenya, Tanzania, Uganda, and South Africa.
Taxify plans to use the investment further develop its technology, grow in the cities where it is already active, and to expand its service into more cities in Europe and Africa.