Estonia, Good for Business, Investments, Technology, Transport

Taxify's strategic partner, Chinese ride-hailing app Didi Chuxing, was also part of the circle of investors. The investment also featured participation from new backers, including Europe-based Korelya Capital and Estonian venture capital fund United Angels as well as Taavet Hinrikus, founder of Estonian fintech startup Transferwise. A representative of Daimler will also become a member of Taxify's management board, the company said.

Taxify CEO and co-founder Markus Villig said that the company will direct the investment to developing technologies and expansion foremost on the European and African markets. "Our greatest challenge is growing the best team. By the end of the year, we wish to grow our team by 300 people, with a high emphasis on engineers and data scientists," he said.

"Users of Daimler's mobile services today number 22 million across the world, both in the field of ride-sharing and combined transport. Taxify as a fast growing and globally ambitious ride-sharing platform perfectly adds to our existing and growing network of mobile service partners," Jorg Lamparter, head of mobile and financial services at Daimler, said.

Taxify was founded in 2013 by the then 19-year-old Markus Villig. Today, Taxify is the fastest growing ride-hailing platform in the world, with over 10 million users and over half a million drivers in more than 25 countries.

Forbes has placed Villig among the top 30 most prominent executives in Europe below the age of 30. Nordic Business Report also recently placed him second among the most influential young entrepreneurs in Northern Europe. Markus and Martin Villig this year received the Estonian Entrepreneur of the Year prize from the world's leading business consultation company Ernst & Young.

Daimler AG has developed from the company Benz & Cie, which was founded in 1883 by Karl Benz. Benz is known as the inventor of the world's first car. Benz & Cie in 1926 joined the company Daimler Motoren Gesellschaft, founded by Gottlieb Daimler and Wilhelm Maybach. Today, the company bears the name Daimler AG and is one of the largest premium class car manufacturers in the world.