The software leader's Series A funding will boost the global adoption of smart, connected electric vehicles
TORONTO, March 13, 2024 /PRNewswire-PRWeb/ -- Joyride, a pioneering platform in the shared mobility sector, has closed US$5.2 million in Series A funding. Led by Yamaha Motors, the funding round will be used to propel the global adoption of sustainable, connected, keyless and trackable electric vehicles.
Joyride's Series A includes returning investments from Urban Innovation Fund, Proeza Ventures and Two Small Fish Ventures, all of which took part in the company's post-seed round in 2021, as well as participation from Export Development Canada (EDC).
A mobility software leader since 2014, Joyride powers connected electric vehicle deployments in more than 250 global markets–from e-scooters and e-bikes to minicars and golf cars. The Joyride platform simplifies fleet management and IoT connectivity for businesses through a suite of solutions that includes a branded user application, backend management tracking software and automated operational tools.
Joyride is expanding its offerings to Original Equipment Manufacturers (OEMs) to modernize the industry through smart, software-connected vehicles. This move promises to disrupt the shared rental, corporate fleet and consumer markets by offering OEMs a comprehensive hardware-software solution that unlocks new streams of recurring revenue.
The funds will also be used to advance Joyride's proprietary technology, which supports shared mobility fleets in midsize and enterprise markets. With this capital boost, Joyride amplifies its pledge to create greater value for businesses by focusing on sustainable innovation.
"We are very excited with the addition of Joyride to our Yamaha Golf-Car business as it truly modernizes mobility through a new and sophisticated technology," said Mike Chrzanowski, President and CEO of Yamaha Motor Corporation U.S.A. "Additionally, we also share in Joyride's confidence in the mass market appeal for smart vehicles that are empowered, managed and joined through a one hardware-software solution."
With limited fuel consumption and zero emissions, small electric vehicles continue to emerge as viable solutions to pollution and traffic problems. With the global shared mobility market expected to surpass $1.2 trillion in five years, the growing reliance on smartphones continues to unlock opportunities among a new generation of consumers. For example, the global automotive keyless entry market will reach $3 billion by 2028, while 80% of Gen Z uses their phones to book travel and rental experiences, preferring mobile check-ins.
"We're thrilled to be evolving alongside a transforming mobility sector," said Vince Cifani, Joyride Founder and CEO. "This investment solidifies our vision to power every electric low-speed vehicle in the world. Our platform enhances customer experiences, streamlines business operations, leverages data for insight and unlocks new revenue streams—all within one innovative ecosystem."
For more information about Joyride visit www.joyride.city or contact [email protected]
Media Contact
Wendy Goldman Getzler, Joyride, 1 833-569-1400, [email protected], https://joyride.city/
SOURCE Joyride
Share this article