Daimler leads $175-million investment in Taxify

Taxify has received $175 million in new funding, increasing its valuation to over $1 billion, Reuters reported.

The funding round was led by Daimler, the company which owns Mercedes-Benz, and included investors such as Korelya Capital and China’s Didi Chuxing.

Taxify said it will use the capital to expand across Europe and Africa, while developing the technology behind its platform.

“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 Taxify CEO Markus Villig.

Daimler is also the majority owner of major German taxi company MyTaxi, which competes with Uber in Britain, Ireland, and Spain.

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Daimler leads $175-million investment in Taxify