IDG News Service - App vendor, ingogo, has secured a $1.5 million investment from leading investors in an attempt to fund further expansion of the business' taxi booking and payment platform.
The investors, who are now backing ingogo, include Daniel Petre and Alison Deans from technology investment company, netus; Martin Dalgleish, advisor to Ellerston Technology Fund; as well as Jeremy Colless, managing partner at Artesian Capital Management.
They join first round investors, Brad Shofer, co-founder of MYOB; Philip Argy, Stuart Fox, and other members of Sydney Angels; and ingogo's founder himself, Hamish Petrie.
"Australia's taxi industry has entrenched inefficiencies that are ripe for disruption. We are pleased to invest in this funding round and look for continued rapid growth of the business," Colless said.
Petrie said the new round of investments take the app's total investment to $2.5 million, including the $250,000 Commercialisation Australia Grant it received from the government.
He said the investment will enable the company to continue its assault on the current taxi industry monopoly to create a better experience for drivers and passengers alike.
"Daniel, Alison and Martin are all respected businesspeople in their own right, so to have them on ingogo's team is testament to what we've achieved so far and what we're working towards for the future of the taxi industry," Petrie claimed.
The system utilising the grant is currently in pilot with several businesses in Sydney as a replacement for Cabcharge, which is one of the company's key focus areas in 2013.
- IT Certification Study Tips
- Register for this Computerworld Insider Study Tip guide and gain access to hundreds of premium content articles, cheat sheets, product reviews and more.
- Jyske Bank extends brand message to more than one million visitors a month
- IBM WebSphere Portal software helps bank offer a clearly differentiated digital experience
- The Big Data Opportunity for HR and Finance
- If CEOs, CFOs, CIOs, and CHROs want to drive their businesses forward, they will need to quickly recognize the enormous value of big...
- Improving IT Efficiencies: Four Advantages of Multi-Tenant Data Centers
- Increasing demands on IT are forcing organizations to rethink their data center options. For many organizations, that means turning to the flexibility afforded...
- Accelerating Cloud Deployment and Operations with Managed Services
- Companies that do not have sufficient in-house expertise to either deploy or maintain an IaaS cloud should turn to Managed Service Providers .
- Rethinking IT Operations in the Cloud
- This paper breaks down the challenges that often prevent the cloud from delivering the fast, flexible and affordable infrastructure companies seek - and... All Financial IT White Papers
- NSS Labs & Cisco Present: Evaluating Leading Breach Detection Systems Today's constantly evolving advanced malware and APTs can evade point-in-time defenses to penetrate networks. Security professionals must evolve their strategy in lockstep to...
- Will the Real Endpoint Threat Detection and Response Please Stand Up? This webinar explores new technologies & process for protecting endpoints from advanced attackers as well as the innovations that are pushing the envelope...
- What should I look for in a Next Generation Firewall? SANS Provides Guidance With so many vendors claiming to have a Next Generation Firewall (NGFW), it can be difficult to tell what makes each one different....
- Why Are Customers Really Deploying an NGFW? It seems every IT Security expert is talking about the NGFW, but what are people really doing? This webcast covers 5 real-world customer...
- Charting Your Analytical Future - "Making predictive analytics part of your business processes" Webinar This session will show how predictive analytics can be used throughout the organization by anyone looking for answers and how organizations can make...
- All Financial IT Webcasts