On Jan. 30, LimoTaxi, a mobile on-demand taxi app, announced that it raised more than $1M from Big Basin Capital, a venture capital firm based in Silicon Valley. Altos Ventures, one of LimoTaxi’s previous investors, also participated in the investment round. The new investment will now allow the venture company to expand more rapidly into other regions beyond Seoul and to focus on service improvement.
LimoTaxi was founded in July 2014 by former businessmen who had successfully introduced EasyTaxi, a Brazil-based on-demand taxi app, into Korea. After launching its beta service, LimoTaxi has successfully expanded its service into various cities in Korea, including Seoul, Cheonan, Jeonju, Yeosu, Busan and Icheon.
As its official launch date is approaching, Limotaxi has also merged with HeavenlyIdea (also known as Dangol Taxi), a firm founded by mobile technology experts. The merger was proposed for the purpose of market expansion and enhancement of LimoTaxi’s IT capabilities in January this year.
“LimoTaxi’s successful merger with HeavenlyIdea, a firm equipped with many talented mobile engineers, was a decisive factor that led us to invest in LimoTaxi when we were making an investment decision,” said Taek Kyung Lee, CEO of Mashup Angels and partner of Big Basin Capital that supported LimoTaxi’s merger with HeavenlyIdea. “By promoting partnerships among venture companies, we hope to create meaningful outcomes in the Korean taxi industry.”
Sung-woo Yang, CEO of Limotaxi, said that LimoTaxi will help create a safer and more convenient taxi-hiring environment. He also added, “With the new funding, we gained momentum toward the official launch of the app.”
Currently, the LimoTaxi app can only be downloaded for Android on Google Play. The iOS version will be launched in February 2015.