Taxi booking startup wins investors amid fire from cab industry
- 05 April, 2013 15:13
Australian startup Ingogo raised $1.5 million in a new investment round to fund its cab booking mobile app, despite receiving public attacks from the taxi industry.
Investors in the second investment round included Danie Petre and Alison Deana of Australian technology investor NETUS and Martin Dalgleish, who was an advisor to Ellerston Capital and previously a director at Foxtel, NineMSN and other well-known companies. Ingogo also received funding from 12 members of Sydney Angels and the Sydney Angels Side Car fund.
This new round gives the startup a total of $2.5 million investment. Ingogo previously received a $250,000 government grant from Commercialisation Australia.
Ingogo is one of the independent taxi app developers that have taken fire from the taxi industry. After the NSW Taxi Council and Crime Stoppers launched an ad campaign against those apps, Ingogo said it would consider legal action.
In a release today, Ingogo said it’s targeting a corporate taxi payment system under trial with several Sydney businesses “as a replacement” for the taxi industry’s Cabcharge.
"Australia’s taxi industry has entrenched inefficiencies that are ripe for disruption,” said Jeremy Colless, an investment manager for the Sydney Angels Sidecar Fund. “Ingogo has a very experienced technology and business development team and has proven its ability to hit key customer, technology and revenue milestones.”
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