Ambitious targets for iCabbi as it seeks to expand in US
Firm is also targetting further growth in the UK
Richard Watson, investment manager, Dublin BIC and Gavan Walsh, founder and chief executive of iCabbi.
Technology company iCabbi is set to expand as it pursues its goal of becoming the largest technology provider to taxi companies in Ireland, the UK, and US.
The Dublin-based firm, which offers software to connect drivers with passengers looking for a taxi in a similar manner to Hailo and Uber, is currently working with 17 companies in the US, with plans for 30 more to go live in 2016. The expansion is expected to increase revenues to €3.6 million by the end of this year.
The firm is looking to hit €15 million in recurring revenue as it also grows its UK business.
iCabbi’s system offers a customer booking app, website booking engine, a feature that allows you to track your taxi, an automated phone system and SMS text backup.
The firm has been working on exstablishing itself in the UK, and currently has more than 50 per cent of large taxi firms using its software. To boost that number, it has bought UK telephony firm Disc, previously Solution Telecom, in a deal worth €1.2 million.
The expansion comes with benefits for Dublin. iCabbi recently announced it would add 20 jobs to its Dublin office this year, on the back of growth of 300 per cent in the past year. It raised seed funding of €1 million in 2012 and 2013, with the rounds led by Dublin BIC through the AIB Seed Capital Fund and co-investment from Enterprise Ireland and the Bloom Equity Group.
“We are expanding our presence and growing our team due to the incredible demand for our systems,” chief executive Gavan Walsh said, describing the company’s targets as ambitious but pragmatic.