Australian taxi booking app goCatch, which closed a multi-million dollar funding round late last year, is the subject of market talk about its future.
GoCatch CEO Ned Moorfield told Business Insider the company was not up for sale but had received a number of offers.
“We’re following up on these inbound inquiries that we have received from local and overseas players,” Moorfield said. He added: “We’re not out there actively pursuing a sale, we’re not up for sale as such.”
Pitt Capital Partners has been appointed to advise.
In October last year GoCatch raised $4.5 million at a $19 million valuation. Moorfield said: “If we were to do any transaction it would be much further north than $20 million.”
It hasn’t been a smooth year for GoCatch since that fundraising, however. There’s been the continuing rise of Uber’s, the US taxi-hailing app with a $41.2 billion valuation which has raised $US5.9 billion.
GoCatch has also gone through massive management changes, with company co-founder Andrew Campbell stepping down as co-CEO.
GoCatch has some strong backers with Paul Bassat’s Square Peg Capital, Alex Turnbull, the Millner family and fund manager David Paradice all invested in the company.
Since launching three years ago, GoCatch has managed to sign up more than 30,000 drivers to its network which is used by about 280,000 people.
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