CPE News (6/23/2021) – Joyride Technologies Inc. has raised US $3.7 million funding led by Proeza Ventures and Urban Innovation Fund, with participation from Liil Ventures, Two Small Fish Ventures, and Something Good Ventures.
Founded by Jared Goldlust and Vince Cifani, Toronto based Joyride is a provider of “business in a box” solution for micromobility operators.
Joyride intends to use new funding to further its turnkey micromobility software and to expand into new markets.
photo credit: Joyride Technologies
BLOG
Joyride raises $3.7M to accelerate global micromobility momentum
June 22, 2021
We’re the world’s first “business in a box” solution for micromobility operators, and today the lid has been lifted wide open.
We’re beyond excited to announce our oversubscribed US$3.7M funding round, led by Proeza Ventures and Urban Innovation Fund, with participation from Liil Ventures, Two Small Fish Ventures (co-founded by Eva Lau and Wattpad co-founder Allen Lau), and former Shopify CPO Craig Miller of Something Good Ventures. The post-seed investment is timed with a record year of growth for us, as demand for our white-label mobility software has boomed alongside the rising popularity of electric scooters, bikes and mopeds.
The funds will enable us to take our turnkey micromobility software to the next level—and to thousands of new markets.
At Joyride, we’re on a mission to make accessible micromobility systems a fixture in every city across the globe. Our software platform enables anyone—from entrepreneurs to enterprise companies—to seamlessly launch, manage and scale their scooter-sharing and bike-sharing businesses all in one place. This vision has already led us to achieve a record-breaking year in sales and market expansion, and our fresh funding round will enable us to attract new customers and develop many more customized solutions for both city-focused and private B2B shared mobility systems. The more fleets we power, the less we rely on cars, meaning the planet is really the big winner in all of this.
“Micromobility is a crucial component in the fight against climate change,” says Miller. “Joyride makes it possible for entrepreneurs to power their own branded fleets. Their software platform is extremely sophisticated while also easy to manage, and that makes it a winning combination.”
It’s been our goal from day one to remove micromobility market barriers to make the launch and fleet-management process as seamless as possible for everyone. Why shouldn’t entrepreneurs have the same opportunities and sophisticated software tools to compete with billion-dollar scooter-sharing and bike-sharing companies? Our white-label rider app, operations app, backend analytics, multimodal vehicle integrations, exclusive insurance access and RFP services have enabled our customers in 160+ plus markets to not just seamlessly launch a fleet, but also scale tremendously over this past year. Many of them have seen 10x growth in the amount of vehicle usage in the last 12 months, and over here we’re fielding an unprecedented amount of interest every day.
“Joyride eliminates market pain points, saving companies significant operating costs through automated tools, turnkey tech and powerful analytics,” says Rodolfo Dieck, Managing Director at Proeza Ventures. “It’s exciting to watch the company and its customers expand to new markets, including hotels and campuses, and we look forward to building long-term success together.”
The global e-scooter market is expected to reach $645 billion by 2028, with business organizations accounting for the largest market share this year. The pandemic spurred many government initiatives to promote more sustainable modes of mobility, also leading to soaring bike sales and thousands of miles of new cycle lanes that are reshaping city transportation. The shift to micro is already happening, and we’re on the cusp of something a whole lot bigger.
“Joyride is the best technology platform for operating a micromobility business,” says Julie Lein, Managing Partner at Urban Innovation Fund. “We’re thrilled to be partnering with them to bring micromobility to every city across the globe.”
With such strong industry support behind us, we’ll be boosting our internal operations with several new roles across software development, engineering, marketing, sales and customer success. We’re looking for people who share in our passion for putting innovative mobility solutions into the hands of businesses everywhere, and who are ready to be real drivers for community change. Come and join us by checking out our open roles here. And let us join you on your micromobility journey by telling us more about your own vision here.