T-Venture has sold its shareholding in Intelligent Apps, the company which operates European taxi app, mytaxi. mytaxi is a globally available app, which enables a direct connection between a passenger and a taxi driver.
T-Venture and all remaining shareholders have sold their shareholding in Intelligent Apps GmbH, the company which operates Europe’s leading taxi app, mytaxi. T-Venture congratulated both moovel GmbH on the acquisition and mytaxi, which found in moovel its ideal partner.
Founders, Nic Mews and Sven Külper, impressed the T-Venture team with their disruptive idea during their first pitch in 2010. Consequently, T-Venture had no hesitation in investing in the mytaxi proposition. As the first institutional investor, T-Venture was a committed partner and significant investor in subsequent financing rounds which saw Intelligent Apps GmbH raise a substantial double-digit million in funding.
Following investment, the company proceeded to develop, with a top class team, a scalable technology aimed at optimizing the existing taxi market value chain. A substantial portion of funds raised was channeled into product development for which the mytaxi app has received multiple awards. mytaxi is the first globally available app, which enables a direct connection between a passenger and a taxi driver. mytaxi is with over 10 million downloads to date the global market leader among taxi apps. Innovations included the ability to save a taxi driver as a favorite, to advance reserve taxis and, in July 2012, the introduction of the first mobile payment option in the German taxi market. With the possibility to rate the driver, mytaxi ena-bled quality assurance and transparency for the first time in the taxi market and the company is still leading the way with its continuous cutting-edge development.
With mytaxi, the company has led the international taxi market into the 21st century as well redefining it worldwide. Within a short time-frame, mytaxi has managed to turn the entire taxi field on its head and challenged conventional industry thinking.
Thomas Grota, Investment Director at T-Venture: “mytaxi has always been a star performer in our portfolio. Our engagement in the company has been highly positive on several levels: from the professional collaboration with the team to the successful exit. Our expectations have not simply been met, but exceeded.”
We are convinced that moovel will advance the mobility of the future topic in conjunction with mytaxi and continue to strengthen its position as international leader in the field.
T-Venture Holding GmbH was founded in 1997 as a wholly owned subsidiary of Deutsche Telekom AG. It has since then invested in young companies that demonstrate economic and technological syn-ergies with the Deutsche Telekom business units as well as above-average growth potential. Its head office is in Bonn. It is supported and complemented in its activities by T-Venture of America, Inc. in San Francisco and in Seattle. Investment activities focus on Europe, the United States and Israel.