Mojo-CX raises £2.25m for AI-driven customer service enhancements
Deal News | Jan 29, 2025 | praetura ventures
Praetura Ventures, through the Northern Powerhouse Investment Fund II, spearheaded a £2.25 million investment round into Mojo-CX, a Manchester-based SaaS company specializing in AI-driven customer service solutions. The company, co-founded by CEO Jimmy Hosang in 2018, has developed tools like MO, JO, and CECE—AI algorithms designed to analyze customer interactions and enhance service efficiencies—reducing analysis time by up to 99%. The new funding will accelerate Mojo-CX's technological development, particularly in voice AI and real-time quality assurance, while expanding the company's sales and engineering teams to serve their expanding client base, which includes enterprises like Concentrix and the AA. The investment saw contributions of £1 million from the Northern Powerhouse Investment Fund II and additional funds from River Capital's Fund:AI, GMCA, and Foresight's Midlands Engine Investment Fund. This infusion of capital underscores Mojo-CX's commitment to Northern England's tech ecosystem and seeks to drive substantial growth and innovation in the contact center sector.
Sectors
- Software as a Service (SaaS)
- Artificial Intelligence
- Investment and Venture Capital
Geography
- United Kingdom – The companies, funds, and investment activities are largely based in the UK, specifically in Northern England.
- North West England – Mojo-CX, having a presence in Manchester and the focus of the Northern Powerhouse Investment Fund II, signifies the regional emphasis on economic development.
Industry
- Software as a Service (SaaS) – Mojo-CX operates within the SaaS industry, developing AI tools to improve customer service interactions for businesses.
- Artificial Intelligence – The article focuses on Mojo-CX's use of AI technologies to analyze and enhance customer service communications.
- Investment and Venture Capital – The investment by Praetura Ventures and other financial entities in Mojo-CX highlights the role of venture capital in scaling innovative tech companies.
Financials
- £2.25 million – Total investment raised by Mojo-CX in the funding round led by Praetura Ventures.
- £1 million – Portion of the investment from the Northern Powerhouse Investment Fund II.
- £660 million – Total fund size of the Northern Powerhouse Investment Fund II for investing across the North of England.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Mojo-CX | Target Company | Company | A Manchester-based SaaS business focusing on AI-driven customer service enhancements. |
| Praetura Ventures | Investor | Company | A private equity firm leading the investment round into Mojo-CX. |
| Northern Powerhouse Investment Fund II | Investor | Fund | A fund managed by Praetura Ventures, focusing on economic growth in Northern England through strategic investments. |
| Greater Manchester Combined Authority (GMCA) | Investor | Government | A regional government body co-investing in Mojo-CX to promote local business growth. |
| Foresight's MEIF | Investor | Fund | The Midlands Engine Investment Fund, supporting small and medium businesses in the Midlands. |
| River Capital's fund:AI | Investor | Fund | A fund investing in AI technologies, contributing to Mojo-CX's investment round. |
| Jimmy Hosang | CEO | Person | Co-founder and CEO of Mojo-CX, leading the company through its next growth phase. |
| Michael Rees | Investment Manager | Person | Investment manager at Praetura Ventures, endorsing the strategic investment in Mojo-CX. |
| Sue Barnard | Senior Manager | Person | Senior manager at the British Business Bank, promoting the role of AI and regional investment. |