MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Mojo Networks, a pioneer in cloud-managed WiFi, announced today that it has closed a combination of Series E funding and debt of $30 million to strengthen its worldwide go-to-market strategy with a focus on investing in sales, marketing and engineering.
The investment round includes previous investors Presidio Partners, Trident Capital, and Granite Ventures, who are joined by new investors North Haven Expansion Credit, a fund sponsored by Morgan Stanley Private Credit & Equity, Walden Riverwood Ventures, and Alpha Technologies.
“We are enthusiastic about how Mojo is revolutionizing WiFi through the power of the cloud and open standards,” said Bill Reiland of Morgan Stanley Private Credit & Equity. “Mojo is reimagining how IT has traditionally worked by providing better user experiences, more options, and more velocity, all at a much lower cost. They are growing rapidly and this is fully aligned with our investment strategy targeting late-stage growth opportunities.”
Alpha Technologies, a leading solutions provider to broadband and telecommunications operators, brings significant industry expertise and global market presence, validating Mojo Networks’ unique approach to the market. “Mojo’s success and appeal to broadband operators, unique business model, and innovative solutions make them an ideal partner for Alpha Technologies by helping us leverage our market leadership into new opportunities related to the rapid expansion of WiFi,” said Drew Zogby, President of Alpha Technologies.
“Mojo Networks is taking on big, market-dominant competitors with tremendous success,” said Eric Zimits of Granite Ventures. “The company is growing its business in large enterprise organizations, higher education and K-12 education, aggressively competing and delivering a disruptive product to the market. We are excited to witness the impact Mojo is having on the industry.”
“With consolidation in the market, there is a slowdown of innovation in the industry that helps no one but the incumbents,” said Rick Wilmer, CEO of Mojo. “As an independent, we have the ability to drive change -- we’re elevating enterprise WiFi through the power of the cloud and open standards with a vision for creating networks that do things never seen before.”
About Mojo Networks, Inc.
At Mojo, we’re shaking up the Enterprise WiFi industry. We know that customers are ready for a modern WiFi network that doesn’t rely on outdated controllers and proprietary hardware. Our cloud-managed WiFi solution is based on a radical vision for creating networks that reach new heights in performance, security, scalability, and ease-of-use. Founded in 2003 and headquartered in Mountain View, CA, Mojo Networks delivers brilliant WiFi to many of the world’s top brands and highest levels of government. Learn more about our vision and products at www.mojonetworks.com.
Mojo and Mojo Networks are registered trademarks of Mojo Networks, Inc. All third-party trademarks mentioned are the property of their respective owners.