Mojio raises funds to expand connected car services and IoT offerings
Mojio, a leading technology platform and SaaS provider for connected cars, announced it has closed an oversubscribed Series B funding round. Mojio raised $40 million in the round, including strategic investments from Assurant, a provider of vehicle protection services and extended warranties; Bosch, a tier-one supplier to the global automotive industry; and wireless company T-Mobile.
Mojio's expanded portfolio of investors is expected to fuel Mojio's global growth with a blend of financial support and industry expertise. Innogy Ventures, Iris Capital, Telus Ventures, and Trend Forward Capital joined the round’s lead financial investor, Kensington Capital. Mojio also secured re-investment from the Series A round syndicate, including Amazon Alexa Fund, BDC IT Venture Fund, Deutsche Telekom Capital Partners, and Relay Ventures.
“These strategic investments underscore the close partnership we have with our investors and the confidence they have in our people, products, and vision for an increasingly connected life,” said Kenny Hawk, CEO of Mojio. “With this additional funding, we’re able to accelerate our efforts to support the entire automotive ecosystem in delivering smarter, safer, and more convenient car ownership experiences to the global driving community.”
Mojio says it will use the funding to invest in the talent and technology required to meet the evolving needs of its enterprise customer base, which includes Assurant and nine mobile network operators across six countries, with more to launch in 2019.