Joyride raises $3.7M in an oversubscribed funding round from Proeza Ventures, Urban Innovation Fund

Joyride raises $3.7M(source: SaaS Industry)
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Joyride has raised $3.7M in an oversubscribed funding round, as demand and popularity for e-scooters, bikes and mopeds go up. Its software platform enables businesses to launch, manage and scale their scooter-sharing and bike-sharing businesses all in one place.

Toronto-based Joyride, offering solutions for micromobility operators, has announced that it has raised an oversubscribed amount, $3.7M, from Proeza Ventures and Urban Innovation Fund in a post-seed round.

Other investors- Liil Ventures, Two Small Fish Ventures, and Craig Miller of Something Good Ventures- had participated in the funding round. In a statement on its blog post, Joyride stated that the funding would enable it to take its micromobility software to the next level, to thousands of new markets.

Founded in 2014, Joyride offers turnkey solutions for dockless bike-share and electric scooter operators. The company enunciated that its white-label rider app, operations app, backend analytics, and multimodal vehicle integrations have together enabled its customers, spread across 160 plus markets, to seamlessly launch a fleet and over. In its announcement, it stressed the observable large-scale shift to micromobility and added that the pandemic had spurred many government initiatives to promote more sustainable modes of mobility, also leading to soaring bike sales and thousands of miles of new cycle lanes, reshaping city transportation.

The global e-scooter market is expected to reach $645 billion by 2028, with business organizations accounting for the largest market share this year. The post-seed investment is timed with a record year of growth for us, as demand for our white-label mobility software has boomed alongside the rising popularity of electric scooters, bikes, and mopeds

Joyride stated.

Commenting on the investment, Rodolfo Dieck, managing director at Proeza Ventures, stated that Joyride eliminated market pain points and saved high operating costs for companies through its automated tools, turnkey technology, and powerful analytics.

It’s exciting to watch the company and its customers expand to new markets, including hotels and campuses, and we look forward to building long-term success together,

Rodolfo Dieck, managing director at Proeza Ventures
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