GoCatch taxi startup locks in AU$3m, sets sights abroad

Australian startup goCatch has picked up AU$3 million in new capital from a number of local and international investors.

The company is one of a growing number of startups in the Australian taxi industry aiming to make life easier for those hoping to hail a cab. Similar to Uber, Ingogo, and mTaxi, it allows customers to book a taxi via their phone and track its location.

According to co-founder Andrew Campbell, the new funding will be used to grow its market share, with industry incumbent Cabcharge continuing to be firmly in the startup's sights.

"We're taking market share from Cabcharge, we've broken apart the existing monopoly, and we've dramatically improved the passenger experience," Campbell said in a statement.

Already, the startup has expanded its team and expanded its national footprint. It already covers every Australian capital city, and in the next 12 months, it hopes to expand overseas.

The startup resides at the Sydney CBD co-working space Tank Stream Labs. Tank Stream Ventures, the venture capital spin-off from the space, has become one of its backers.

Tank Stream Ventures investment manager Rui Rodrigues said that goCatch had made excellent progress in a short time frame.

"We're particularly excited about the fast rate of growth of local web marketplaces like goCatch, as well as the underlying business models they represent," Rodrigues said.

Square Peg Capital is another firm that has invested in goCatch. It recently invested in design startup Canva, as well as crowd-sourced security firm BugCrowd.

Market rival Ingogo is vying for position also, last month securing AU$1 million in funding from a number of investors, bringing its total funding to AU$3.7 million.

Ingogo's backing includes Silicon Valley-based Pacific Venture Advisors. Ingogo is similarly looking to expand internationally.