fund:AI Investment Director David Walters and Mojo-CX CEO Jimmy Hosang
Press Release:
River Capital’s EIS AI fund ‘fund:AI’ have completed a £500,000 equity investment into Manchester based contact centre technology company Mojo CX. The investment round was led by NPIF II – Praetura Equity Finance, which is managed by Praetura Ventures as part of the Northern Powerhouse Investment Fund and also current investors, Foresight and the Greater Manchester Combined Authority (GMCA).
Founded in 2018 by CEO Jimmy Hosang, Mojo CX provide SaaS based customer experience software to a wide range of contact centre clients. By using speech to data transformation and Generative Artificial Intelligence Mojo are able to support contact centre campaigns by optimising call outputs, supporting quality assurance teams and building out scripts in real time.
Mojo will use the investment to develop its technology by introducing new features, such as voice AI and automated quality assurance to benefit agents in real-time. The business also plans to double the size of its sales and engineering teams to grow its strong customer base, which includes Concentrix, AA and Fiserv.
Jimmy Hosang, CEO of Mojo-CX, said: “We’re absolutely thrilled to receive this investment which will be instrumental in driving the next stage of growth for Mojo-CX. With this new injection of capital and ideas, MOJO-CX will accelerate our vision of redefining customer contact, for customers, for brands and for employees through the use of AI. As a proud Northerner, this funding also allows us to deepen our commitment to the region by creating high-quality jobs and fostering a thriving tech community here in the North West. This is a pivotal moment for MOJO as a business and for the contact centre market, and I can’t wait to see what we can achieve in this space.”
River Capital Investment Director David Walters commented: Contact Centre technology is a space that we understand well. Fractional uplifts in performance can make a huge difference to campaign results by improving measurements like average handling time, wrap time and ultimately customer satisfaction.
When we met Jimmy and the team it became clear quite quickly that Mojo CX had found a way to embrace generative AI tools to create customer experience solutions for their clients that had historically been hard and expensive to deliver from some of the more established voice recognition platforms.
The business already has a series of well known clients and is targeting a large market with plenty of opportunity for growth.
We are delighted to be investing alongside NPIF II – Praetura Equity Finance, Foresight and the GMCA and are excited for what the future will bring for Mojo CX.
The River Capital investment was supported by Daniel Hayhurst of Brabners who provided legal counsel.
ENDS