A Korean style minicab app LimoTaxi (LIMO, CEO Sung Woo Yang) raised $ 1 million USD from Big Basin Capital, a Silicon Valley based venture capital. Previous investors like Altos Ventures participated in this round of investments. Through this investment, LimoTaxi will be able to expand rapidly to more areas and focus on service improvement.
LimoTaxi was founded as a newly established corporate body July 2014 by the pioneers of mobile taxi apps that introduced Brazil’s minicab app ‘Easy Taxi’ to Korea. After opening beta services, the venture succeeded expanding their territory to Seoul, Cheonan, Jeonju, Yeosu, Busan, Icheon, and other places on a national scale. With official service lauching ahead, LimoTaxi tookover Heavenly Idea(Dangol Taxi) this January in order to enhance LimoTaxi’s functions and expanding market size. Heavenly Idea was founded by mobile specialized tech engineers.
“Dangol Taxi’s mobile tech expert lineup was the crucial reason behind the M&A”, said Taek-kyung Lee, CEO of Mashup Angels (partner to Big Basin Capital), who was the lead behind LimoTaxi’s M&A of Heavenly Idea(Dangol Taxi). “We are looking forward to significant value created in the taxi industry by alliance among ventures”, he added.
Sung Woo Yang, CEO of LimoTaxi said “LimoTaxi will improve inconveniences the current system has and will contribute to establish a sound minicab culture. We have gained momentum on the launch of our service through this investment.” He also said “LimoTaxi will compete confidently as a local Korean venture, in the hot market getting hotter with Uber taxi and KakaoTaxi entering”, revealing his ambitions.
You can find the LimoTaxi app on Google Playstore and Apple’s iOS version has launched as well.
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