Joyride – a shared mobility company – announced it raised $5.2 million in Series A funding. Yamaha Motors led this funding round, and it will be used to advance the global adoption of sustainable, connected, keyless, and trackable electric vehicles (EVs).
Joyride’s Series A funding round included participation from Export Development Canada (EDC) and existing investors Urban Innovation Fund, Proeza Ventures and Two Small Fish Ventures – all of which took part in the company’s post-seed funding round in 2021.
Joyride powers connected EV deployments in over 250 global markets including e-scooters, e-bikes, minicars and golf cars. And Joyride’s platform simplifies fleet management and IoT connectivity for businesses with a suite of solutions that includes a branded user application, backend management tracking software, and automated operational tools.
Joyride has been expanding its offerings to Original Equipment Manufacturers (OEMs) to modernize the industry with smart and software-connected vehicles. This funding round would enable Joyride to improve the shared rental, corporate fleet, and consumer markets by providing OEMs with a comprehensive hardware-software solution that unlocks new recurring revenue streams.
With limited fuel consumption and zero emissions, small EVs have been emerging as solutions to pollution and traffic problems.
The funding will be used to advance Joyride’s proprietary technology, which supports shared mobility fleets in midsize and enterprise markets. And with this funding round, Joyride has a goal to create greater value with a focus on sustainable innovation.
KEY QUOTES:
“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. 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.”
- Mike Chrzanowski, President and CEO of Yamaha Motor Corporation U.S.A.
“We’re thrilled to be evolving alongside a transforming mobility sector. 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.”
- Vince Cifani, Joyride Founder and CEO
