Taxelco raises $17 mln more in VC to grow Téo Taxi
Taxelco Inc, a Montréal transportation company founded in 2015 by XPND Capital, has raised an additional $17 million in financing. XPND invested alongside Caisse de dépôt et placement du Québec, Fonds de solidarité FTQ and Fondaction CSN. The funds raised will allow Taxelco brand Téo Taxi, an electric taxi service, to advance technology development, buy 200 vehicles, hire about 600 drivers as well as other personnel, set up an operations centre, and grow its recharging station network. Taxelco, which also owns Taxi Diamond, acquired in 2016, and Taxi Hochelaga, said it plans to export its business model beyond Montréal starting in 2019.
8 February 2018•4 mins read
