Joyride's SaaS platform raises $3.7M to accelerate global micromobility momentum
The oversubscribed round, which includes Proeza Ventures, Urban Innovation Fund and Shopify's former CPO, will enhance the company's global presence and pioneering software offerings
TORONTO, June 23, 2021 /PRNewswire-PRWeb/ -- Global micromobility software platform Joyride has secured US$3.7M in an oversubscribed round led by Proeza Ventures and Urban Innovation Fund, with participation from Liil Ventures, Two Small Fish Ventures, co-founded by Eva Lau and Wattpad Co-founder Allen Lau, and former Shopify Chief Product Officer Craig Miller of Something Good Ventures. The post-seed investment is timed with a record year of growth for Joyride, as demand for its white-label mobility solutions has boomed alongside the rising popularity of electric scooters, bikes and mopeds.
"Micromobility is a crucial component in the fight against climate change," said Miller. "Joyride makes it possible for entrepreneurs to power their own branded fleets. Their software platform is extremely sophisticated while also easy to manage, and that makes it a winning combination."
Joyride was founded in 2014 as the industry's first SaaS provider that streamlines scooter-share and bike-share management through an all-in-one platform. The company simplifies how businesses launch and scale their mobility rentals, providing entrepreneurs and enterprise companies in 160-plus global markets with immediate turnkey solutions that include a branded rider app, backend analytics, multimodal vehicle integrations and insurance access.
The funding will enable Joyride to attract new customers in thousands of markets and provide existing operators with more solutions customized to their city-focused and private fleet needs. "We're looking forward to further democratizing the industry by offering all the tools mobility businesses need at their fingertips," said Vince Cifani, Joyride Founder and CEO. "Within a vast mobility ecosystem, we're giving stakeholders one place to build their brands."
"Joyride is the best technology platform for operating a micromobility business," said Julie Lein, Managing Partner at Urban Innovation Fund. "We're thrilled to be partnering with them to bring micromobility to every city across the globe."
The global e-scooter market is expected to reach $645 billion by 2028, with business organizations accounting for the largest market share this year. The pandemic spurred many government initiatives to promote more sustainable modes of mobility, also leading to soaring bike sales and thousands of miles of new cycle lanes that are reshaping city transportation.
"Joyride eliminates market pain points, saving companies significant operating costs through automated tools, turnkey tech and powerful analytics," said Rodolfo Dieck, Managing Director at Proeza Ventures. "It's exciting to watch the company and its customers expand to new markets, including hotels and campuses, and we look forward to building long-term success together."
Joyride will also be making strategic hires for software, marketing, sales and customer success roles across its offices in Toronto and Europe. For more information, visit http://www.joyride.city.
Media Contact
Wendy Goldman Getzler, Joyride, +1 416-819-9363, [email protected]
SOURCE Joyride
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