Waterfront has advised Taxibeat on the US$4m investment in the company by Hummingbird Ventures, a UK-based venture capital fund for high-growth digital media and software companies.
Taxibeat provides a taxi hailing app for smartphones but, unlike most of its competitor apps which simply find the nearest available taxi, Taxibeat allows users to pick the taxi driver they prefer based on their preferences and ratings from previous customers. This is particularly appealing to users in booming emerging markets where there is often no formal regulation of taxis. Taxibeat also gives drivers more control of their brand and business by giving them the opportunity to sell themselves via full profiles (e.g. languages, types of cars and interior amenities).
The Waterfront team advising on this transaction was led by Matt Cunningham with support from Patrick Peake, Katie Broadley and Fifi Conroy.
Nayia Antoniou provided Greek legal advice to Taxibeat.
AMBOS NBGO provided legal advice to Hummingbird Ventures.
Nikos Drandakis, CEO and founder of Taxibeat, said: “We have undergone rapid growth and this investment is further evidence of the belief investors have in our product. Matt Cunningham and the Waterfront team have been invaluable in guiding us through various rounds of investment. I am always grateful for their approachability, flexibility and sound advice.”
Matt Cunningham said: “Taxibeat have really carved out a market for themselves in offering something different from their competitors. They are going from strength to strength and I am delighted to have been able to assist them during this time of expansion. I look forward to working with them as they enter new markets around the world.”
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