Vancouver’s Mojio raises $30m in latest VC funding round

Tech startup Mojio is shifting into high gear as it continues to cruise down the venture capital highway.

The Vancouver-based firm specializing in technology that connects cars to the Internet announced Thursday (November 30) it’s raised $30 million in Series B funding.

The funding round was led by Toronto’s Kensington Capital Partners and included new investors Trend Forward Capital and Innology Ventures.

All previous investors in the company — the Amazon Alexa Fund, the BDC Venture Fund, Deutsche Telekom Capital Partners and Relay Ventures — also participated in the latest round.

In 2016, Mojio became the first company to receive funding from the B.C. Tech Fund. The $100 million fund of funds is also managed by Kensington Capital.

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.

Mojio 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.

The technology caught the eye of wireless carrier T-Mobile US (Nasdaq:TMUS), which began selling Mojio’s technology at its 4,000 American retail outlets in November 2016.

Mojio now sells its technology through seven carriers in five countries, including Telus (TSX: T), Rogers (TSX: RCI.B) and Bell (TSX: BCE).

torton@biv.com