The money continues to roll in for taxi apps, with Sydney startup goCatch today announcing it has secured $3 million capital in its latest investment round.
Investors in the funding round included Tank Stream Ventures and Square Peg Capital. Square Peg is a startup investment fund that has raised money from James Packer and other wealthy Australians. One of its partners, Paul Bassat, was the co-founder of Seek.com.au.
Competitors of goCatch have also recently announced funding wins. Last month, Ingogo announced it had raised another $1 million for its app, with funding led by Pacific Venture Advisors from Silicon Valley.
A week earlier, Uber – a leading cab booking app in the United States that has recently entered Australia – closed a $258 million financing round with most of the funding coming from Google Ventures and TPG Capital.
The CEO of goCatch, Andrew Campbell, said he sees a large market opportunity for taxi apps. The startup operates in every Australian capital city and has said it may expand overseas in the next 12 months.
“In Australia alone there are over $4.5 billion worth of taxi fares each year,” he said.
Naturally, taxi booking apps have met with resistance from Cabcharge and the taxi industry as they eliminate the need for dispatchers.
Follow Adam Bender on Twitter: @WatchAdam
Follow Techworld Australia on Twitter: @Techworld_AU