As a pioneering platform in the shared mobility sector, we are thrilled to announce that Joyride 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).
Since 2014, our platform has powered connected electric vehicle deployments in more than 250 global markets – from e-scooters and e-bikes to minicars and golf cars. Our simplified yet sophisticated approach to business fleet management and IoT connectivity is packed into a suite of solutions that includes a branded user application, backend management tracking software and automated operational tools.
With the new funding round comes a sharpened, redefined focus on Original Equipment Manufacturers (OEM) solutions, as we continue 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 our proprietary technology, supporting shared mobility fleets in midsize and enterprise markets.
With this capital boost, we’re amplifying our 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.”
Today’s funding announcement follows Joyride’s prior $3.7 million post-seed round. It also comes on the heels of Joyride’s integration with GEM minicars last Fall, ushering in the first keyless and connected low-speed electric vehicles.
For more information about the Joyride platform, contact us today here.
