GetTaxi is one of a growing number of companies focused on getting passengers from point A to point B, having already launched service in the more than 20 cities around the world. Now it’s opening for business in New York City, and has raised some additional funds to go after that market.
To expand into the Big Apple and other markets, GetTaxi has raised an additional $12 million in funding, which was led by European fund Kreos Capital, with participation from existing investors. With the close of the new round, total funding for the company is now up to $42 million.
The funding comes as GetTaxi is launching a new offering in New York City. The company first set its sights on the city more than a year ago, announcing its plans to go after the market when it raised its $20 million Series B round. It’s taken a while to get there, but the company now believes its well positioned to offer an alternative to existing yellow cab and other apps there.
For GetTaxi to go after New York City, it sought to differentiate itself in what is becoming an increasingly crowded market for hailing transportation with a mobile phone. There’s Uber for finding black cars, and there’s also a wide range of taxi apps competing as part of the city’s e-hail trial.
According to founder and CEO Shahar Waiser, one of the biggest problems in New York is simply a constrained supply of cabs. Rather than use traditional taxis, the company is partnering with livery services in the city to provide a low-cost black car alternative. So it launched its new “G-Car” service there.
In that sense, the service will most resemble Uber, but Waiser says there are some important differences: For one thing, the price is designed to be affordable and predictable. The company has been working hard with its black car partners to set up a pricing and payment structure that was fair to consumers as well as drivers, and it thinks it’s struck the right balance.
The service touts flat fares between neighborhoods, which don’t change based on time spent in the car or distance traveled. In other words, there’s no fine for being stuck in traffic. There will also be no surge pricing, as one might find with Uber.
While any consumer will be able to use the GetTaxi service, the company has specialized in getting corporate clients set up around the world. In its 20 markets, it has more than 1,500 corporate clients, including Google, Goldman Sachs, and Morgan Stanley, among others.
GetTaxi’s funding comes as a whole bunch of money is pouring into taxi, black car, and ride sharing services around the world. Uber is in the midst of raising a massive round of funding, rumored to be around $200 million. Meanwhile, cab services like Flywheel and EasyTaxi are racking up new funds as well. Oh, and let’s not forget the $60 million in funding that Lyft scored from Andreessen Horowitz a few months ago. Not bad for an industry that hasn’t really changed in decades.