Leading Saudi Mobile Operator Mobily Launches Ventures Fund to Invest in Emerging Technology Startups

Riyadh, Saudi Arabia - Wednesday, September 3rd 2014 [ME NewsWire]

 Easy Taxi, one of the world’s leading mobile taxi apps, is one of the first two companies to secure funding from “Mobily Ventures”, the Corporate Venture Capital arm of Mobily, the leading telecommunication operator in Saudi Arabia. This brings Easy Taxi’s total funding to $77 million.

Easy Taxi allows customers to book taxis through their smart phones and therefore, increase the efficiency and speed of hiring taxis. Easy Taxi Middle East is currently operating in Saudi Arabia, Kuwait, Qatar, Bahrain and Jordan and this partnership will contribute to the further expansion of its operations in the region.

Dr. Mahmoud Fouz, CEO at Easy Taxi Middle East, said, “We are growing rapidly in the Middle East and strategic partnerships with top innovation leaders such as Mobily will play an instrumental part to the success of our company and distinguish our region as leaders in technology”. The Easy Taxi App connects drivers with customers, which results in a faster and more convenient service. Dr. Fouz adds, “Our trained and tracked drivers are finding passengers more efficiently and this solution is becoming very popular for individuals and businesses as well. In Saudi Arabia, women account for 80% of Easy Taxi orders, and we believe we can contribute to the quality of life for Arab women in the whole region.”

Dr. Karl-Michael Henneking, Chief Corporate Strategy and M&A Officer of Mobily, who serves as Chairman of the Board of Mobily Ventures points out that  'Easy Taxi Middle East is an innovative mobile taxi booking system. It has the potential to bring customer experience to a new level and has a natural fit with Mobily. We serve millions of users with high-speed mobile internet access and at the same time enable innovative over the top services that change people’s lives in the Middle East. We can support Easy Taxi beyond funding in ways very few can match, in particular in Saudi Arabia.“

Founded in April 2011 in Rio de Janeiro, Brazil, The award winning Easy Taxi App is currently available in 32 countries and 165 cities. There are over 200,000 registered taxi drivers and the app has reached over 10 million downloads globally. Easy Taxi is available for Android, iOS, Blackberry, and Windows Phone devices, as well as for B2B clients through Easy Taxi Pro and Easy Taxi Corporate solutions.

Easy Taxi is backed by the Middle East Internet Group (MEIG) and iMENA Holdings. MEIG is the leading Arabic internet platform which currently operates in seven countries and home to three successful internet companies and is supported by two global experts in e-commerce and the Middle Eastern markets: MTN Group and Rocket Internet. iMENA Holdings is one of the leading investor-operators in the Middle East and North Africa region, built to capture the online consumer opportunity presented by a fast growing population of Arab.

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About Easy Taxi

Easy Taxi (www.easytaxi.com) was founded in Brazil in 2011. It is now one of the world’s leading mobile taxi apps, connecting drivers and passengers in a smooth, easy and safe way. Easy Taxi currently operates in 32 countries and 165 cities worldwide. Easy Taxi Middle East is currently operating in Saudi Arabia, Kuwait, Bahrain, Qatar and Jordan. www.easytaxi.com

About MEIG

The Middle East Internet Group (MEIG), a joint venture of Rocket Internet and MTN, is the leading internet platform in the Middle East and supports some of the most vibrant internet companies in the region. Founded in 2013, MEIG's mission is to accelerate the growth and success of the internet economy throughout the Middle East. MEIG's network currently consists of five companies, operating in 7 countries. Among these are thriving companies such as Easy taxi, Lamudi and Carmudi, alongside other established Rocket Internet brands such as Namshi and Hellofood.

About iMENA

iMENA Holdings is the leading group of online consumer businesses in the Middle East and North Africa (MENA) region. The company invests in, builds and partners with leading teams and organizations to form an integrated and actively managed group of online platforms in the Middle East and North African (MENA) region. In addition to its investment activities, iMENA Holdings offers its partners a wide range of strategic and operational support, which includes the provision of professional services, representation and distribution agreements, partnerships, joint ventures and licensing of technologies or products for the MENA region.

About Mobily

Etihad Etisalat (Mobily) was established in 2004 by a consortium led by Etisalat, the UAE based telecom conglomerate. Mobily is the official brand name of Etihad Etisalat, renowned as the second mobile service provider in the Kingdom of Saudi Arabia. Mobily is listed on Tadawul (Saudi stock exhange) in December 2004 with an initial public offering (IPO), that was 51 times oversubscribed. Mobily is the fastest growing communications and technology provider in the Kingdom of Saudi Arabia. www.mobily.com.sa

Mobily Ventures

Mobily Ventures is the corporate venture capital fund of Mobily. With the Fund Mobily aims to develop startups that drive innovation in the Information and Communications technology (ICT) industry. www.mobilyventures.com

Contacts

Vera Futorjanski, +971 4 430 1419

Head of International Communications

vera.futorjanski@rocket-internet.com