More capital set to see Zoomy rocket

Media Release - Zoomy

Tuesday, 24 February 2015

More capital set to see Zoomy rocket

Founders of smartphone taxi app Zoomy have enjoyed significant growth with their New Zealand-owned business since it launched just 16 months ago. Now they’re seeking capital from new investors to ensure Zoomy can respond to growing demand here and abroad.

“We’re actually aiming for Australasian domination, and seeing how similar applications have taken off in Europe, United States and China, we’re positioning Zoomy to become the technology hub for Asia Pacific wide taxi bookings and payments,” says co-founder James Fisk.

He says traditional taxi companies that still only dispatch via people ringing in or standing on the side of the road hailing a cab are naturally terrified of the market aggression shown by international juggernaut Uber that has been running foul with the law.

“We have a lot of empathy for the taxi companies. They are legitimately asking why Uber can escape all the compliance costs and NZTA regulations that they have to adhere to. We totally agree, and we also believe the Government should not change New Zealand’s rules and regulations solely based on the needs of one corporate giant.”

Mr Fisk says the Government’s current review is a waste of time as it doesn’t need to change the law to accommodate smartphone technology. It’s already lawfully here in New Zealand, he says, in the form of Zoomy.

“We’re fully compliant with NZTA and completely legal. We are proof you can offer the latest technology within the current rules. What’s more we’re doing very well within the existing regulatory framework and we were in the local marketplace well before Uber, and despite them our trajectory continues upwards.”

Mr Fisk says Zoomy’s growth since they launched in November 2013 has been very encouraging, with the Kiwi-based company now boasting nearly 30,000 users and processing thousands of transactions each month.

Operating in Auckland and Wellington the co-founders believe they’ve barely scratched the surface with an increasing public appetite for better convenience, safety, and reliability when it comes to paid independent travel.

“We’re not about giving a job to any old unregistered and unknown person with a car. Rather, Zoomy is about working with trusted and existing taxi companies and drivers. We make sure the fare prices are competitive by promoting significant discounts at certain times, and we’ve introduced a fixed fare to the Auckland Airport - $50 from the CBD. In addition, if you pay in-app with your credit card you automatically receive a 25% discount to the metered fare.”

He says Zoomy is working is because it is ridiculously easy and free. It finds the closest cab, tells the driver you need a ride, reports on who is coming and tracks their progress. All via your smartphone from an easily downloaded app. It’s free and people are not left hanging on the end of the phone in a call-centre queue and paying for every minute wasted.

Users can easily pay fares through their phones and Zoomy earns its revenue by taking a small percentage of the fare from the taxi driver.

Mr Fisk says the business is working with drivers from all the main taxi companies, with over 1,000 registered drivers now on their books. On top of this Zoomy have a close relationship with the country’s second largest taxi company - Corporate Cabs and they’re working to deliver greater technological integration with them.

Another development that Zoomy has recently launched is their new ZoomyGo service which is a ground breaking one touch taxi ordering device for bars, restaurants, reception areas, rental car depots and hotels. The devices connect via the cellphone network, are free to businesses and remove a significant hassle for busy staff.

“We’re still only scratching the surface with this part of the business as well, with our focus so far mainly on CBD Auckland with 100 devices installed in a matter of weeks. And what we do know with this pilot is that over 90% of businesses very happily accepted this free device so the take up rate is huge. This has been a big development since late last year. All we need is people on the ground promoting these devices to the likes of bars and restaurants, and expediential growth is assured.

He says new investors will help complete the roll-out of 500 ZoomyGo units in Auckland, as well as Wellington, Christchurch and Queenstown, with plans for 1,500 initial units in Sydney this year.

Zoomy’s investor base are experienced and successful entrepreneurs who have wasted no time driving the expansion of the company and they’re keen to keep disrupting the market here and in Australia this year.

“While some are all about taking out traditional taxi companies we’re about actually working with them. Getting taxi companies and drivers integrated and quickly will be key to their viability and survival. The arrival of Uber has left many of them flat-footed and worried sick about the technological challenges.

“We’ll if taxi companies want to combat the likes of Uber as well as be geared up to service all the savvy smartphone users, we can provide exactly what they’re missing in the taxi app space. And at no set up cost to them with unlimited access to an enormous new and growing customer base. It’s a no-brainer for them to keep pace with technology.”

Mr Fisk says securing further capital investment will take them into the Australian market as well as looking at Asian cities such as Hong Kong and Singapore.

“With the arrival of Uber some commentators thought it might be bad news for Zoomy. But it has awoken traditional taxi companies who now want to be part of what is effectively a revolution in the way many people now move. Given our growth has been significant since day one, we’re bullish and excited about Zoomy’s future and taking it to the next level,” says James Fisk.

www.zoomy.co.nz

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