Mojio has closed a $30 million Series B funding round led by Kensington Capital Partners with participation from new investors, Trend Forward Capital and innogy Ventures, and existing investors, Amazon Alexa Fund, BDC Capital, Deutsche Telekom Capital Partners, BC Tech Fund (managed by Kensington) and Relay Ventures.
The financing closed in tranches (Mojio secures Series B, Additional Series B).
Currently operating in five countries with seven wireless carrier customers, including the big three in Canada (Bell, Rogers and TELUS), Mojio’s business model leverages the brand and distribution of major wireless network operators to deliver greater access to affordable connected car services through the combination of a plug and play device and a handy mobile app.
The Series B funding will accelerate Mojio’s roll-outs with network operators across the globe. The funding will also fuel product innovation and patent development, including the advancement of machine learning initiatives, ensuring that Mojio’s growing team of engineers, designers, and developers continue to preempt the needs of drivers worldwide.
“People don’t want to wait for their next vehicle to access valuable safety and security features, let alone another 10 to 15 years for the promise of self-driving cars,” explains Mojio CEO Kenny Hawk. “But they are willing to spend $10 to $15 per month to access actionable, real-world data that empowers smarter decision making around family safety, driving behavior, vehicle maintenance, and that offers a hassle free Wi-Fi hotspot that doesn’t drain your smartphone.”
“We are excited to be leading the Series B financing for Mojio, which is exactly the kind of company that we want to partner with,” said Rick Nathan, Managing Director of Kensington Capital, “From its Vancouver headquarters, Mojio is building a world class team with an innovative technology platform gaining rapid customer traction, scaling a global business at the intersection of the IoT and automotive industries.”
Mojio has already connected over 500,000 vehicles around the world, ranging from an almost ancient 1996 Audi A4 to a brand new 2018 Volvo V60. Drivers, families and small businesses use Mojio’s apps to keep their vehicles safe, stay coordinated, and cut down on costly, time-consuming issues associated with car ownership.
photo credit: Mojio