Mojio Closes $40M Series B Round
Last September, Assurant announced a strategic investment in Mojio , a SaaS provider for connected cars, and now Mojio is revealing the round size and additional investors. The “oversubscribed” Series B round injected $40m into the Canadian startup led by Kensington Capital Partners Limited, with participation from Assurant, Bosch, T-Mobile, Telus Ventures, Alexa Fund, Iris Capital, Trend Forward 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.
With more than 470m connected vehicles expected to be on the roads by 2025, Mojio is looking to monetize the data generated by these vehicles, which is estimated to be worth $750b by 2030. “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. 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.” – CEO of Mojio, Kenny Hawk.
Recall: Last month Assurant introduced Pocket Drive, a connected device that enables dealers and their customers to benefit from the vehicle’s data and mobile connectivity, powered by Mojio.