On-demand cab hailing app, Easy Taxi, has raised $40 million in funding

Easy Taxi, Rocket Internet‘s mobile-based on demand taxi hailing company, has raised $40 million in Series D funding led by Phenomen Ventures, with participation from Tengelmann Ventures. The Brazil-based company will use this new capital to expand its service in existing markets, improve its technology and also to scale operations. Users of Easy Taxi will be able to hail a taxi by pressing a button in the app. Once a taxi is requested, the nearest taxi details will be sent to the user.

Insta-cab mobile app Easy Taxi just raised $40 million in its fourth round of funding to make its service more widely available. The Berlin-based company launched in 2011 out of tech incubator Rocket Internet, known for creating clones of successful tech products. Easy Taxi is one of the main go-to apps for people in search of a quick ride in Latin America, Africa, Asia, and the Middle East. The company has roughly 185,000 drivers in its network and operates in more than 160 cities worldwide. The company has raised $77 million to date, according to CrunchBase. Russian Phenomen Ventures led this round, with participation from Tengelmann Ventures, the investment arm of German retailer Tengelmann Group. The money will be used to help Easy Taxi capture an even larger share of the market in Latin America and Asia.