Cab booking app Hailo raises £17.5m to expand service

Time was when a man would walk into the street and merely raise his unfurled umbrella to bring a passing hackney carriage to a halt. But the smartphone revolution has changed all that earnest gazing down the street, and the keen disappointment of seeing the unlit ‘Taxi’ light roaring past.

The company behind the cab-hailing app Hailo is among a number of new firms with apps designed to bring taxis to customers, and the service is growing in popularity. The firm recently announced that Londoners booked £20m worth of cabs through the app in its first year in business. The app has 13,000 cab drivers on board, and over three million bookings had been made by September 2013.

Yesterday the company announced that it has raised an extra $28.85m (£17.5m) to expand faster in the 16 cities where it operates. “It ensures that Hailo has sufficient financial firepower to continue to develop and expand its services across the multiple global markets the business now serves,” a spokesperson said.

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