Joyride closed a $5.2 million round in Series A funding. Led by Yamaha Motors, the funding round will reportedly be used to propel the global adoption of sustainable, connected, keyless, and trackable electric vehicles.
“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, 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.”
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).
A mobility software provider since 2014, Joyride said in a release that it “powers connected electric vehicle deployments in more than 250 global markets–from e-scooters and e-bikes to mini-cars and golf carts and that the Joyride platform simplifies fleet management and IoT connectivity for businesses through a suite of solutions, including branded user application, backend management tracking software and automated operational tools.”
Joyride said it is expanding its offerings to Original Equipment Manufacturers (OEMs) to “modernize the industry through smart, software-connected vehicles.” This move is expected 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 company said the funds will also be used to “advance Joyride’s proprietary technology, which supports shared mobility fleets in midsize and enterprise markets.” With this capital boost, Joyride “expects to amplify its pledge to create greater value for businesses by focusing on sustainable innovation.”
“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,” the company said in a statement.
“We’re thrilled to be evolving alongside a transforming mobility sector,” said Vince Cifani, founder and CEO, Joyride. “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.”
