Southeast Asia-focused Taxi booking app GrabTaxi says it’s about to splash the cash, mostly on new hires.
The Singapore-based company said Wednesday it will spend $100 million over the next five years on a new research and development center in the city-state, with a “significant portion” of that sum going to lure talent.
GrabTaxi, which launched in 2012 and operates in 20 cities across six countries, said in December it secured a $250 million investment from Japanese telecommunications and Internet giant SoftBank.
That brought its total funding nearly $340 million, with its valuation as of December reaching $1 billion, according to data from The Wall Street Journal and Dow Jones VentureSource.
Among the new hires GrabTaxi says it has recently made are Kevin Lee, who was head of Asia for U.S. data mining software company Palantir Technologies. Another is Arul Kumaravel, who previously held a senior engineering role Amazon.com.