News & Analysis

Ingogo announces $12 million Series C round

- May 28, 2015 2 MIN READ

Taxi booking and mobile payment software provider Ingogo has announced the closing of a $12 million Series C funding round, with $4.2 million raised through equity crowdfunding platform VentureCrowd.

This figure makes it the biggest equity crowdfunded deal in Australia, and the second biggest in the world.

Launched in 2011, Ingogo has now raised $28 million, with this latest round to go towards the rollout of its new taxi booking app in its existing markets in Sydney and Melbourne, and expansion into Brisbane, Perth, and Adelaide.

Hamish Petrie, founder and CEO of Ingogo, said that the startup is well underway with its national roll out plans, and will be looking to list on the ASX next year.

“It’s exciting to be at the forefront of innovation in Australia and to be growing so rapidly. As Ingogo has grown from a startup 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,” Petrie said.

“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.”

With over 5,000 drivers are now active on the platform, Ingogo’s market share grew from 8.5 percent in October last year to 11 percent in February this year, according to Macquarie Bank’s Taxi Tracker.

The new app launched by Ingogo now gives business users a booking and expense management platform, with the startup having partnered with expense management platform provider Concur.

Looking into new opportunities outside the taxi industry, Ingogo has also partnered with Xero to create a mobile payments system for small businesses which will allow them to make payments while on the road.

Though Petrie had first signalled Ingogo’s plans for an IPO after a previous capital raise quite some time ago – a 2014 listing was thought to be on the cards – this $12 million should see an IPO go ahead next year.

Ingogo is now valued at a reported $100 million.

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