ingogo secures $1.5m investment

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.

Copyright © 2013 IDG Communications, Inc.

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