Mojio has announced that it has closed an oversubscribed Series B funding round. The technology platform and SaaS provider for connected cars raised $40 million USD in the round, including strategic investments from Assurant, provider of vehicle protection services and extended warranties; Bosch, tier-one supplier to the global automotive industry; and T-Mobile, America’s wireless company.
The company’s expanded portfolio of investors is expected to fuel its 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.
More than 470 million connected vehicles are expected to be on our roads by 2025, and the massive potential of monetizing the data generated by those vehicles will result in a $750B+ USD industry by 2030. This has led to a need for secure, scalable software solutions.
Source: Press Release