Olswang's leading venture capital and technology teams have advised Hailo, the app-based taxi network, on its $17 million Series A financing, one of the largest recent first round financings in Europe. Global venture capital firm Accel Partners, which has invested in a number of global consumer companies including Facebook, Groupon, and Kayak, led the fundraising, building on its model of identifying and investing in innovative technology-focused businesses.
Hailo, a smartphone-based application which allows passengers to order a licensed cab with just two taps on an iPhone or Android device and launched in London in November 2011, will use the funding to accelerate growth in London and Dublin and expand into North America.
Co-founded by three London cab drivers and three technology entrepreneurs, Hailo received initial seed money last year from Wellington Partners, early investors in Spotify, and Atomico, the international venture capital firm founded by Niklas Zennström, who is best known for co-founding Skype.
Jay Bregman, CEO of Hailo, said "Accel's investment will help us continue to enhance our already popular and revolutionary London network and to take our unique, driver-first strategy into North America and beyond."
Chris Mackie and Simon Armitage led the Olswang team.
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Olswang LLP is one of Europe's leading law firms in the areas of technology, media, telecommunications and real estate. The firm comprises of nearly 700 people including 100 partners, across seven European offices. Olswang is part of a 'best friends' network of leading independent law firms throughout the world.
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