Lyft, Inc. will acquire Freenow for approximately €175m, enhancing its offerings in the European market.
The collaboration will allow Lyft to nearly double its total addressable market, aimed at serving over 50m riders annually.
Both companies will leverage their strengths; Freenow has strong European taxi operations and Lyft offers best-in-class marketplace practices.
The taxi aggregation business in Europe is expanding, with a notable portion of bookings made offline, indicating growth potential.
Over time, enhancements for Freenow’s users will include better earnings transparency for drivers and improved consistency for riders.
David Risher, CEO of Lyft shared “We found the perfect partner in Freenow and can learn a lot from the team.
Freenow CEO Thomas Zimmermann shared “This collaboration is about combining our strengths. Joining forces with Lyft is a powerful step forward for Freenow.
