Ingogo secures a further $1 million in investment
Australian taxi services app Ingogo today announced an additional $1 million in funding, reaching a total of $3.7 million raised since its launch in 2011. The new investment will be used to expand ingogo into new markets across Australia and internationally.
The innovative app has gained substantial traction from consumers and investors alike who enjoy the ability to book taxis directly through their smartphones.
Following number of incidences where eftpos machines in taxis were rigged to steal private financial details of the passenger when making payments through their credit card, Ingogo provides peace of mind for passengers who want a secure payment method. Passengers can can payments through Ingogo’s safe in-taxi payment terminals or via virtual mobile accounts.
Vikram Mehta, Managing Director and Principal Partner of Pacific Venture Advisors has been assigned Ingogo’s new board Director.
Based in Silicon Valley, Pacific Venture Advisors specialise in assisting technology startups to grow their business, whilst maximising returns on venture investments.
They will be guiding Ingogo through the company’s expansion plans, particularly into the US market and will also help provide access to further capital funds.
Ingogo Founder and Managing Director Hamish Petrie says Mehta is a huge asset for the business and his commitment and appointment to the company’s board will further enhance the existing team.
“Vikram has a deep understanding of the US market as well as great insights around accelerating technology start-ups,” he said. “We’re looking forward to taking on his deep knowledge in the entrepreneurial space and applying this to our future expansion plans – something we’re incredibly excited about.
“In our first full year of operation we’ve managed to build strong relationships with around 15 percent of Sydney’s taxi drivers and having pioneered a model that works well. We now intend on bringing the Ingogo experience to other cities in Australia and internationally.”
Mehta says the Ingogo platform is an exciting disruption to the taxi industry monopoly and he is “delighted to join the ingogo team to help expand their innovative platform into a global market.”
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