Taxibeat hails second funding round

The fresh funding will boost the company's growth in cities including Paris and Sao Paolo. South America and Southern Europe will be the main focus of its expansion plans. 

The firm raised $2m seed capital in July 2013 from a consortium of institutional and private investors. The funding round was designed to launch the company's app in Mexico City. 

Company
Established in May 2011 by Nikos Drandakis, Taxibeat was initially seeded by Athens-based OpenFund, which provided a €1.4m capital injection.

Taxibeat provides a rating service allowing passengers to choose which car and driver they would like to use for their upcoming journey and then rate them afterwards.

Taxibeat currently facilitates $40m worth of journeys annually. Growth stands at 18% month-on-month, according to the company.

People
Barend Van den Brande is a managing partner at Hummingbird.

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