Noerr, Ellex Raidla, Jeantet, and Bowman Gilfillan have advised Daimler AG on a USD 175 million investment in Estonian startup Taxify. Sorainen Estonia advised Taxify on the successfully concluded funding round that brought its valuation to the USD 1 billion mark.
The investment also featured participation from new backers in the shape of Europe-based Korelya Capital and Taavet Hinrikus, founder of Estonian fintech startup Transferwise. China’s Didi Chuxing was among the returning investors to join.
According to Noerr, with its investment in Taxify, Daimler significantly expands its ride-hailing portfolio. To date, Taxify has provided transport to more than ten million passengers with more than 500,000 registered drivers.
Daimler has already taken a role in ride-hailing. Its investments in the area include the acquisition of car-sharing business car2Go, German car-pooling startup Flinc, investments in Europe-based car-pooling company Via, and Turo, another car-sharing service which took on Daimler’s rival service Croove.
Taxify, a start-up born in Estonia, operates predominantly in Central and Eastern Europe and in Africa.
The Noerr team was led by Partners Barbara Kusak in Prague and Alexander Hirsch in Dusseldorf. The team also included Bucharest-based Partner Rusandra Sandu, Warsaw-based Associated Partner Arkadiusz Ruminski, and Munich-based Partner Alexander Birnstiel and Senior Associate Stefan Bauer.
The Ellex Raidla team in Estonia consisted of Partner Risto Vahimets, Senior Associate Karl-Erich Trisberg, and Associate Anna-Trine Raudsepp.
The Jeantet team, advising on French law, included Partner Karl Hepp de Sevelinges and Associate Ruben Koslar.
The Bowman Gilfillan team included Johannesburg-based Partner James Westgate and Senior Associate Kate Peter.
The Sorainen team consisted of Partner Toomas Prangli and Senior Associate Kai Vainola.
Editor's note: After this article was published, Cobalt announced that its Estonian office had advised Taxify`s shareholder, DiDi Chuxing, on the investment round. The firm's team was led by Specialist Counsel Ott Aava, Partner Martin Simovart, Senior Associate Karl Kull, and Associate Liina Saaremets.