Zubie Secures $8 Million Led by Nokia Growth Partners in First Connected Car Investment
Magna International Also Invests in Zubie to Help Drive a New Automotive Ecosystem.
CHARLESTON, S.C., August 11, 2014-- Zubie, a leading startup in the emerging connected car space, today announced it has raised $8 million to empower drivers, improve auto safety, and make driving more affordable. The funding will boost the development of Zubie's unique car and driver management system which includes robust trip and vehicle analytics.
Along with the investments from NGP and Magna International, Zubie also announced that NGP Partner Paul Asel has joined its Board of Directors. The funding and addition of Paul to the board underscore the strength of Zubie's innovative business model and the promise of the connected car market, which is expected to reach $131 billion by 2019. Existing Zubie investors Castrol innoVentures, Comporium and OpenAir Equity Partners also participated in the funding round.
"The Connected Car Fund anticipates the potential for disruptive innovation in the automotive sector as the most significant unconnected mobile asset comes online," said Paul Asel. "We are delighted to inaugurate the Connected Car Fund with an investment in Zubie. Zubie has a proven management team and promising technology that offers the potential to help transform our driving experience as it integrates more deeply with carmakers over time."
Zubie offers drivers peace of mind with a platform that enables remote services with a high level of data integrity. Zubie's AlwaysSmart™ proprietary technology extracts and analyzes data about driving behavior and engine health in order to provide safety and cost recommendations. Zubie's expanding customer base and partnerships with numerous Fortune 100 companies will continue to propel global adoption.
NGP is a venture capital firm with a distinguished track record in funding mobile and advertising solutions, and its Connected Car Fund includes $100 million dedicated to strategic investments. Magna International Inc. is a leading global automotive supplier which is focused on delivering game-changing innovations to its customers and the automotive industry overall.
"The era of the connected vehicle is expected to change the automotive landscape and create new value-creation opportunities for auto suppliers, inventors, startup companies and owners of intellectual property. Magna is investing in technologies, such as Zubie, that have the potential to deliver novel solutions to the automotive market," said Swamy Kotagiri, Chief Technical Officer, Magna International.
"We are honored to receive support from NGP and Magna. These companies share our views on the potential of the market and the right strategy to drive mass consumer adoption -- making them the perfect partners to help us grow," said Tim Kelly, CEO, Zubie. "In conjunction with our investors, Zubie will help global consumers and fleet owners alike to make driving smarter, safer and more affordable."
Zubie can be purchased online through Zubie.com, Amazon, Best Buy and Newegg.
Zubie is a connected car service focused on making driving easier, safer and less expensive for consumers and businesses. The company was formed in 2012, and is headquartered in Charleston, SC, with operational offices in the Minneapolis area.
About Castrol innoVentures
Castrol innoVentures is the innovation and venturing arm of Castrol. Based in the UK with a global remit, it seeks out and invests in new business opportunities to support Castrol's core lubricants business and to develop options beyond lubricants. Visit www.castrolinnoventures.com for more information.
Comporium is a privately owned, diversified communications company with businesses that enable convergence of content with screens. Comporium focuses on providing technologically advanced services that its customers demand. Its investments combine data, switching, transport and intellectual property that recognize the emerging importance of the interconnected world. Visit www.comporium.com for more information.
About Magna International
Magna is a leading global automotive supplier with 315 manufacturing operations and 82 product development, engineering and sales centers in 29 countries. Magna has over 128,000 employees focused on delivering superior value to its customers through innovative products and processes, and World Class Manufacturing. Magna's product capabilities include producing body, chassis, interior, exterior, seating, powertrain, electronic, vision, closure and roof systems and modules, as well as complete vehicle engineering and contract manufacturing. Magna's Common Shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For further information visit www.magna.com.
About Nokia Growth Partners
Nokia Growth Partners invests in companies that are changing the face of mobility, communications and the internet. NGP offers industry expertise, capital and an extensive network, enabling entrepreneurs to build disruptive, industry-changing companies and take them to the global market. With offices in the US, Europe, India and China, NGP extends the reach of companies making their products and services local everywhere. Visit www.nokiagrowthpartners.com for more information.
About OpenAir Equity Partners
OpenAir Equity Partners is a venture capital firm focused on high growth, early stage companies in technology, mobile, and communications. The OpenAir team is comprised of mobile pioneers with a collective 65 years of mobile industry operating experience and 22 years of investing experience. Visit www.openairep.com for more information.
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