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Vancouver-founded Mojio closes US$40m round in bid to connect cars to internet

Series B round was originally announced in 2017
Mojio, founded in Vancouver, has closed a funding round to the tune of US$40 million

A startup specializing in connecting cars to the internet is filling up its tank with more capital.

Vancouver-founded Mojio announced Tuesday (February 20) the closing of a Series B funding round, drawing US$40 million from investors.

Toronto-based Kensington Capital led the funding round, which also included investments from Assurant, Bosch, Iris Capital, Telus Venture, T-Mobile and Trend Forward Capital.

Additional investment also came from Series A investors such as Amazon Alexa Fund, BDC IT Venture Fund, Deutsche Telekom Capital Partners and Relay Ventures.

Mojio originally announced the Series B funding round in December 2017, drawing C$30 million at the time.

About a year earlier Mojio became the first company to receive funding from the taxpayer-backed B.C. Tech Fund.

The $100-million fund of funds is also managed by Kensington Capital.

And while the B.C. Tech Fund is a fund of funds, the province has designated $25 million for Kensington to make direct investments into startups.

Kensington managing partner Rick Nathan told BIV in 2016 the B.C. Tech Fund’s direct investment in Mojio was in the $1-3-million range.

The company has worked with hardware partners to develop a device that plugs into a car’s onboard diagnostic port and sends encrypted data to Mojio’s cloud over 4G LTE.

A car that previously had no internet connectivity is instantly online.

Mojio has partnered with telecom carriers across the globe, including T-Mobile in the U.S., Deutsche Telekom in Europe, and Telus Corp. (TSX: T), Rogers (TSX: RCI.B) and Bell (TSX: BCE) in Canada.

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