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|A $28 million unregistered equity financing by 99 Taxis successfully drew to a close. The non-brokered investment round was placed among ten investors. The subscription started last Thursday. The equity offering’s expected net proceeds amount to $25.01 million excluding $2.99 million earmarked for the payment of officers’ salaries. Until this disclosure 99 Taxis had raised an estimated $15 million in unregistered securities via one previous financing round.
The company is registered in a foreign jurisdiction indicating the amount offered reported may only represent the portion of the placement earmarked by the company for US investors.
|99 Taxis markets and develops an eHailing mobile application to get a taxis in São Paulo as well as other cities and pay for the ride using PayPal, a debit or credit card. Financial backers include Tiger Global Management, Qualcomm Ventures, and Monashees Capital.|
|The company was registered in 2013 and has its headquarters located in Grand Cayman Cayman Islands. 99 Taxis elected to keep its revenues undisclosed.
The executive team includes Ariel Lambrecht, Paulo Veras and Renato Freitas.
The board of directors includes Carlo Dapuzzo and Carlos Kokron.
The company has raised an estimated total of $43 million via private unregistered security offerings.
Company: 99 Taxis
Industry: Other Travel
Amount offered: $28 million
Amount placed: $28 million
SEC filing: Source
First sale: 06-18-2015
Data as of: 06-23-2015