Joyride, a Canadian mobility startup, develops software that simplifies fleet management for enterprises and OEMs, offering features like real-time data tracking and rider apps, has secured $5.2 million USD (around $7 million CAD) in Series A funding led by Yamaha Motors. This investment marks a shift in Joyride’s focus, as the company sets its sights on providing its fleet management software solutions to enterprises and original equipment manufacturers (OEMs). 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. These deployments range 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. This 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. Moreover, we continue to modernize the industry through smart, software-connected vehicles.
This move promises to disrupt the shared rental, corporate fleet, and consumer markets. Moreover, it offers OEMs a comprehensive hardware-software solution that unlocks new streams of recurring revenue.
The funds will also support the advancement of their proprietary technology. This technology will aid in 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. Moreover, 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 Joyride’s confidence in the mass market appeal for smart vehicles empowered, managed, and joined through a single hardware-software solution.”
With limited fuel consumption and zero emissions, small electric vehicles continue to emerge as viable solutions to pollution and traffic problems. In five years, experts anticipate the global shared mobility market will exceed $1.2 trillion. Moreover, the growing reliance on smartphones continues to unlock opportunities among a new generation of consumers.
The global automotive keyless entry market will reach $3 billion by 2028. Eighty percent 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 and streamlines business operations. Moreover, it 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.
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