Venture Capital News: Joymode Secures $14.4M
LOS ANGELES, CA, Joymode, an innovator in the movement from ownership to access, today announced the closing of a $14.4 million Series A investment.
The round was led by Naspers through its Naspers Ventures division with participation from previous investors. Also announced today, Mike Katz of Naspers Ventures, has joined Joymode's Board of Directors.
Joymode members can access thousands of products for perfectly curated offline experiences. These range from packages for social activities such as camping and karaoke parties to practical needs like kits to enable overnight guests or even a high end vacuum for a deep clean. Joymode will use the capital to grow its talented team and expand its range of experiences available to members.
"We want to help create a world where you are no longer constrained by what you own" said Joe Fernandez, CEO of Joymode. "Our goal is to give you access to all the cool and helpful products you need to enable the experiences you want, without having to deal with the hassle of ownership."
"We are seeing a generational shift, particularly in space-starved urban areas around the globe - people are renting not buying," said Mike Katz, head of U.S. investments at Naspers Ventures. "However, no-one is effectively enabling that shift across the trillion-dollar recreation space, so the potential for Joymode is almost unlimited."
Founded in 1915, Naspers is a global internet and entertainment group and one of the largest technology investors in the world. Operating in more than 120 countries and markets with long-term growth potential, Naspers builds leading companies that empower people and enrich communities. It runs some of the world's leading platforms in internet, video entertainment, and media.
Naspers companies connect people to each other and the wider world, help people improve their daily lives, and entertain audiences with the best of local and global content. Every day, millions of people use the products and services of companies that Naspers has invested in, acquired or built, including Avito, Brainly, Codecademy, Delivery Hero, eMAG, Flipkart, ibibo, iFood, letgo, Media24, Movile, MultiChoice, OLX, PayU, Showmax, SimilarWeb, Swiggy, Twiggle, and Udemy. Similarly, hundreds of millions of people have made the platforms of its associates Tencent (www.tencent.com; SEHK 00700), Mail.ru (www.corp.mail.ru; LSE: MAIL), and MakeMyTrip Limited (www.makemytrip.com; NASDAQ:MMYT) a part of their daily lives.
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