Taxelco announces Phase 2 of its financing

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Taxelco’s institutional and private partners are investing $17 million. The Caisse de dépôt et placement du Québec, the Fonds de solidarité FTQ, Fondaction, and XPND Capital are investing this capital that will enable Téo Taxi: to accelerate its technological development, to purchase 200 electric vehicles, to hire approximately 600 drivers and support workers, 20 information technology (IT) and quality assurance (QA) professionals, to set up in an ultra-modern operations centre, and to expand its recharging station network.Taxi Diamond and Taxi Hochelaga continue their modernization.The suite of technology developments already in place at Taxelco will also be deployed soon at Taxi Diamond and Taxi Hochelaga, to the benefit of their partner-drivers and clientele. Taxelco intends to become the North American industry reference and to export its business model beyond Montreal starting in 2019. false false false Strong demand for Téo TaxiRecent regulatory changes, and the measures as a whole, will promote enhanced optimization in the delivery of reliable and timely service. Téo Taxi is projecting achieving profitability during the current year. false false false Téo Taxi intensively recruitingWith the expansion of its fleet, Téo Taxi needs to hire more than 600 drivers this year. Téo Taxi is seeking men and women with a passion for customer service, and is helping driver candidates obtain their 4C permits by providing 35 hours of paid training.Unlike traditional taxi industry drivers, Téo Taxi’s are salaried and provided with benefits (paid vacations, RRQ and CNESST contributions). false false false About Téo The Téo Taxi division of Taxelco is reinventing taxi service in Montréal. Through a user-friendly mobile application, a high-performance technology platform, and a fleet of entirely electric vehicles, Téo Taxi offers its customers a completely innovative, comfortable and worry-free user experience while, at the same time, contributing to a reductions in greenhouse gasses. Join in on the conversation on Facebook and Twitter using the hashtag #TéoMTL. For more information, check out the website: www.teomtl.com. About Taxelco Taxelco is a taxi company founded in 2015 by XPND Capital, consisting of Montréal’s three largest taxi companies - Taxi Diamond, Taxi Hochelaga and Téo Taxi. By offering its drivers better working conditions and making optimal use of information technologies, Taxelco wants to position Montréal as a green and forward-looking city with urban transport modes that are vectors of economic development, and reflect the company’s unique and innovative character.