· Funding round ranks ingogo the 2nd largest equity crowd funded deal in the world
· Significant follow-on from existing investors
Sydney, 28th May 2015: Australian taxi app and integrated mobile payment provider ingogo today announced the successful closure of a $12million Series C funding round, ahead of its plans to list on the ASX in 2016. The company has now raised more than $28 million in its short three year history – attracting Australian and offshore institutional investors, some of Australia’s leading family offices and technology investors to its register.
More than one third of the total round ($4.2 million) was placed through VentureCrowd, making it the largest equity crowd funded deal in Australia and the second largest in the world[i].
ingogo is the fastest growing integrated mobile payments provider in the Australian Taxi Market, having recently surpassed 5,000 active drivers. Drivers’ benefit from the latest payments capability married to a leading app-based booking platform, available on iOS and Android handsets.
Hamish Petrie, founder and CEO of ingogo, said: “For taxi users, ingogo is now the clear, leading alternative to Cabcharge and the incumbent taxi networks. We continue to grow our driver base rapidly each week and we are well underway with our national roll out plans.”
The capital raised will be used to accelerate the marketing rollout of ingogo’s newly revamped taxi booking app and to support the rollout into Brisbane, Perth and Adelaide. The taxi app now includes a market leading corporate feature that provides business users with a seamless booking and expense management platform, partnering with the leading expense management platform, Concur (a subsidiary of SAP).
The funding will also support the ramp up of ingogo’s mobile payments system for small businesses, in partnership with Xero, as ingogo adapts its technology to take on new verticals outside of the taxi industry. Suitable for businesses who need to make payments while out on the road, ingogo provides a seamless payment solution that integrates and reconciles with their Xero accounts in real time.
Mr Petrie added, “The latest funding was made possible by ingogo’s highly disruptive business model and proven high growth. ingogo, which is a public unlisted company, grew its revenues in FY14 by 464% over the prior year and featured in the Deloitte’s Fast 50 Rising Star awards.”
The latest Macquarie Bank Taxi Tracker data, released in late February, suggests ingogo has become the third largest player in the taxi mobile payment space, with its market share growing to 11%, from 8.5% in October 2014.
Mr Petrie added: “It’s exciting to be at the forefront of innovation in Australia and to be growing so rapidly. As ingogo has grown from a start-up to a high-growth and disruptive technology company, we have continued to look at how to develop our platform and take on new markets and verticals. As well as continuing to drive growth in our passenger taxi booking app and corporate services, we see huge opportunities in the broader mobile payments space through our integration capability.”
ingogo is an integrated mobile payments company, currently in the Taxi and SME markets in Australia. It’s mobile app assists private and corporate customers to easily book and pay for taxis through their mobile phones. It allows passengers to communicate directly with registered taxi drivers in their local area, see where their driver is and their estimated arrival time, with the option to pay using ingogo's secure in-taxi payment terminals or virtual mobile accounts. It currently operates in Sydney and Melbourne, and has recently launched in Brisbane, Perth and Adelaide.
ingogo has extended its payment platform into other industries beyond taxis, for business owners and SMEs, via a partnership with Xero, the leading cloud accounting platform.
[i] Comparison to Forbes 10 of the top equity crowdfunding campaigns of 2014: http://www.forbes.com/sites/chancebarnett/2014/12/17/top-10-equity-crowdfunding-campaigns-of-2014/