Waterfront advises on $4 million Taxibeat deal
May 17, 2014
The global growth of Waterfront client, Taxibeat, continued recently with a USD $4 million investment by Hummingbird Ventures, a London based venture capital fund for high-growth digital media and software companies. Waterfront partner Matt Cunningham, assisted by Patrick Peake and Katie Broadley, advised on all English law aspects to the deal. Nayia Antoniou advised on all Greek law aspects of the deal.
Taxibeat has been expanding its services across European cities like Athens and Paris, and in Latin America, including Mexico City, Rio de Janeiro and, most recently, Sao Paulo. 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).
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, Head of Corporate at Waterfront, 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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