Thanks to this major investment by its current partners TÃ©o Taxi will expand its fleet to 350 vehicles and more than 1,000 drivers.
MONTREAL, Feb. 7, 2018 /CNW Telbec/ - Taxelco's institutional and private partners are investing $17 million. The Caisse de DÃ©pÃ´t et placement du QuÃ©bec, the Fonds de solidaritÃ© FTQ, Fondaction, and XPND Capital are investing this capital that will enable TÃ©o 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.
Quotation by Alexandre Taillefer, Taxelco's founder and XPND Capital's chief associate:
"Our investing partners are reaffirming their confidence in TÃ©o Taxi and its vision of reinventing the taxi industry. Their substantial investment will enable TÃ©o Taxi to provide a service that can finally meet Montrealers' expectations."
Strong demand for TÃ©o Taxi
Recent regulatory changes, and the measures as a whole, will promote enhanced optimization in the delivery of reliable and timely service. TÃ©o Taxi is projecting achieving profitability during the current year.
Quotation by Normand Chouinard, Senior Vice-President, Investments, Fonds de solidaritÃ© FTQ: "The pilot project allowed us to validate the demand and test TÃ©o Taxi's business model. This funding will now enable the company to accelerate its growth. By combining innovation with sustainable transport, Taxelco fits perfectly into the Fonds' strategy of supporting QuÃ©bec innovative companies."
TÃ©o Taxi intensively recruiting
With the expansion of its fleet, TÃ©o Taxi needs to hire more than 600 drivers this year. TÃ©o 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, TÃ©o Taxi's are salaried and provided with benefits (paid vacations, RRQ and CNESST contributions).
Quotation by Christian DubÃ©, Senior Vice-President, QuÃ©bec, Caisse de dÃ©pÃ´t et placement du QuÃ©bec:
"With extensive operational experience acquired in its pilot project phase, the conditions are now right for TÃ©o Taxi to ramp up its growth. This new financial support from la Caisse recognizes the company's innovative character and distinctive positioning in urban transportation, We are pleased to support TÃ©o Taxi in accelerating its technological development, enhancing its service offering and redefining its already changing industry."
Quotation by GeneviÃ¨ve Bouthillier, Investment Assistant, Fondaction:
"From its inception, TÃ©o Taxi has demonstrated that it is possible to have a 100% electric taxi fleet. As a result, the entire industry has been changed for the better. Sustainable development is part of our mission at Fondaction, and we are proud to support Taxelco in expanding its business model."
The TÃ©o Taxi division of Taxelco is reinventing taxi service in MontrÃ©al. Through a user-friendly mobile application, a high-performance technology platform, and a fleet of entirely electric vehicles, TÃ©o 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 #TÃ©oMTL. For more information, check out the website: www.teomtl.com.
Taxelco is a taxi company founded in 2015 by XPND Capital, consisting of MontrÃ©al's three largest taxi companies - Taxi Diamond, Taxi Hochelaga and TÃ©o Taxi. By offering its drivers better working conditions and making optimal use of information technologies, Taxelco wants to position MontrÃ©al 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.