Australian taxi app ingogo picks up AUD3.4 million, hints 2014 IPO

By VCPOST Staff Reporter

Dec 10, 2013 04:31 AM EST

Taxi app ingogo has picked up a further USD3.4 million in venture capital funding. In addition, the Australian startup eyes a listing on the Australian Securities Exchange (ASX) in 2014, according to ZDNet.

The additional AUD3.4 million came from investors UBS Australian Small Companies Fund and the Wilbow Group. Asian and American private investors also participated in the round. The latest funding brings ingogo's total capital to AUD7.1 million. The company says it is now valued at over AUD25 million, the report detailed.

Hamish Petrie, the founder and managing director of ingogo, said the latest funding round would most likely be the last round needed for the startup to have a positive operating cash flow, the report said.

The new capital will be used to expand ingogo's payment platform across Australia. The startup will also tap into the market outside of the taxi app industry. The AUD3.4 million will also fund the the company's manpower expansion to 25 workers next year. The firm is looking to secure an international license for its app, ZD Net reported.

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