UAE’s Cypher Capital invests in Spain’s Iomob

Iomob, the blockchain company pioneering the development of a decentralised protocol for the world’s first mobility marketplace network and token, announced today the completion of a six-figure (token) investment (via SAFT) from Cypher Capital, an award-winning, blockchain-focused venture capital firm based in Dubai. The investment will be used to bolster the development of Iomob’s blockchain architecture.

Iomob’s application and world-class “Journey Planner” ease and improve intermodal mobility by tapping into 7,000 taxi fleets, micro-mobility in more than 270 cities, thousands of parking spaces, and 480+ public transit feeds.

“We are thrilled to work with Cypher Capital, one of the most recognised and respected providers of capital dedicated to the construction of blockchain infrastructure, alongside a number of notable investors in Iomob,” said Boyd Cohen, CEO of Iomob. He continued, “The support of Cypher Capital helps us fuel the development of new, decentralised, interoperable, global mobility networks that will be the cornerstone of the ‘Internet of Mobility’ philosophy that is beginning to reshape how we conceptualise global transportation.”

“Iomob is the missing piece that activates the value of blockchain in transportation; the company unlocks the potential for the ‘Internet of Mobility,’” said Vineet Budki, Managing Partner and CEO of Cypher Capital. He added, “Iomob’s impressive traction in the transportation market, decentralised approach, proven technology, and budding partnership with leaders in the Metaverse, along with strong investor support to date and an ambitious team of startup veterans and developers, has them well-positioned to deliver on a truly sophisticated vision for how we move.”

“The multi-trillion-dollar transportation industry has been facing digital disruption for nearly a decade. Iomob steps in to deliver a more exciting, purposeful and immersive way to traverse the planet,” said Maria Andrianova, Iomob’s latest executive addition based in Dubai. She explained, “Being powered by a layer of innovation that enables global, interoperable mobility as a service enables mobility users to visualise and experience their journeys in new ways, whether to track their carbon emissions, book low-carbon or even make carbon positive trips within the Iomob app.”

Iomob was founded in 2018 by three PhD cofounders, based in Barcelona. It has conducted trials with major enterprise clients in New Zealand, Spain and Scandinavia since its incorporation. Iomob is currently deploying commercially in the United Kingdom and Portugal. This will provide millions of travelers with multimodal, shared mobility. Many more deployments are expected to be announced in 2018.

Iomob recently announced an investment by True Global Ventures with coinvestment from impact-focused funds A100x, Creas.

Get latest news from African Startup ecosystem

Latest stories

You might also like...