Ingogo, the Australian taxi booking app and payment service, is set to close a A$12m capital raising round by May.
The move puts startup one step closer to achieving their aim of listing publicly. The company so far has raised A$16.2m with A$9.3 round being completed last October. May’s round will increase that figure to A$28.2m. A$4m will be raised exclusively by VentureCrowd, an exclusive online platform for investors. The platform also funded A$1.2m of the A$9.3 October round.
The company was founded in 2011 by Moshtix founder Hamish Petrie. In January, the entrepreneur said that the company would use 2015 to prepare to list publicly on the Australian Securities Exchange (ASX).
The cash increase will see Ingogo increase its business in five major Australian cities. The app allows taxi users to book and contact taxi drivers directly as well as having the option to book in advance. It securely handles payments and does not require the user to store his or her credit card details.
“We’re just not listing yet. We want to see some good metrics on the board from our existing products, and others we’re preparing to launch before we list. We’re ready to go in terms of the board, the team, capital, and results. We just want to optimise it,” stated Ingogo CEO and founder, Hamish Petrie.
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