Vancouver Connected-Car Startup Mojio Raises $30 Million to Support Growth
Vancouver-based connected-car startup Mojio has raised $30 million in Series B funding to support the growth of its automotive solution.
The funding round was led by Kensington Capital, which also manages the $100 million BC Tech Fund. Mojio was the first ever company to receive an investment from the fund when it was announced last year, however, the amount was not disclosed. The fund also saw participation from Trend Forward Capital and Innogy Ventures.
Mojio’s device allows any car to become a connected car. To date, the company has connected 500,000 vehicles around the world. In a statement, Mojio CEO Kenny Hawk said:
“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. 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.”
Mojio currently operates in five countries with support for seven wireless carriers, including Rogers, Bell, and Telus in Canada. The company plans to use the funding to roll out with more global networks and invest in its product development teams.
[via The Globe and Mail]