US-based enterprise wifi technology provider Mojo Networks secured $30m in debt and series E equity financing yesterday from investors including broadband power equipment supplier Alpha Technologies.
The round was filled out by Presidio Partners, Trident Capital, Granite Ventures, Walden Riverwood Ventures and North Haven Expansion Credit, a fund sponsored by investment bank Morgan Stanley’s Private Credit & Equity division.
Founded in 2003, Mojo produces cloud-based software designed for large businesses that enables them to set up and manage wifi access points anywhere. It formed a partnership with Alpha in February 2016 to supply its technology to cable operators.
Drew Zogby, president of Alpha Technologies, said yesterday: “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.”
Mojo had previously raised $49.5m in equity and debt, according to press releases and securities filings.
Industrial product and appliance maker Siemens invested in the $12m series B round closed by Mojo, at the time still known as AirTight Networks, in 2005 and a $14.5m series C round two years later, both times through its Siemens Venture Capital unit.
Walden International, Granite Ventures, Blueprint Ventures and Trident Capital all invested in Mojo’s series A to C rounds, with Presidio Partners, then known as CMEA Ventures, joining them to lead its series C.