HONG KONG, Aug 20, 2021 /PRNewswire/ -- Beyond Ventures, a Hong Kong-based venture capital firm, is pleased to announce today that the acquisition of HKTaxi by Uber marks the first successful full "exit" deal for Beyond Ventures among all of its prominent portfolio companies. This is also a recognition of the great achievement of HK entrepreneurs.
The partnership brings together HKTaxi's engineering strength and local knowledge with Uber's global R&D capabilities and operational expertise. It will accelerate growth in the taxi industry in Hong Kong, and underscores the city's role as a regional startup and mobility hub.
HKTaxi, founded in 2013, runs an app that connects taxi drivers with riders. Locally built, the taxi app booking service has been widely adopted by drivers and riders since its launch eight years ago. It includes features for booking, dispatching, and paying taxi fares electronically. The acquisition will not bring any immediate changes to drivers and riders using the HKTaxi or the Uber app.
Lap Man, Co-founder and Managing Partner of Beyond Ventures, remarked, "We are very proud that Kay Lui and Maff Wong, two Hong Kong, homegrown entrepreneurs, have managed to make HKTaxi a leading player in the HK taxi industry. Their passion, persistence and focus will be the role model of the new generation of HK entrepreneurs. Their success also encourages all the young entrepreneurs."
Kay Lui, Co-founder of HKTaxi, said, "We are proud of the hard work we have done to bring innovation and better service to taxi drivers and riders in Hong Kong. Today's partnership allows us to continue this mission with even greater impact. We are also grateful for Mr. Lap Man and Beyond Ventures' support in our early stages. Combining our local expertise and startup spirit with the global experience of Uber will build a better taxi industry for all drivers, riders and industry participants."
Lap Man added, "HKTaxi has been able to transform the Hong Kong taxi industry by turning the traditional phone call taxi into a taxi booking app, allowing riders to easily find drivers and vice versa, and enabling electronic payment in the Hong Kong taxi industry. All these features and services greatly improve the overall user experience."
Beyond Ventures is optimistic about Hong Kong's startup scene over the next 12-18 months. The firm believes the first batch Hong Kong startups founded after 2012 in the mobile Internet era will gradually go public or implement successful exit plans.
About Beyond Ventures
Led by Lap Man and Marvin Hung, Beyond Ventures is a Hong Kong-based venture capital firm. Started in 2017, Beyond Ventures became renowned from the support gained by well-known Hong Kong listed companies like Hop Hing Group, Far East Consortium, and Chinney Alliance Group, and leading PE investment management companies Hony Capital and GAW Capital as well as home grown VC firm eGarden.
The name "Beyond Ventures" originates from the popular rock-and-roll band Beyond, which emerged in early 1990s Hong Kong. We aspire to revitalize and transform the city's innovation ecosystem by being Hong Kong's most impactful venture capital firm. By uniting venture capital experts and local conglomerates with visionary entrepreneurs, we provide startups with the capital and guidance they need to thrive.
Our portfolio companies include unicorn startups like SenseTime, Smartsens, Prenetics, YOHO, and more.
Please visit www.beyondventures.hk for more information.
