Veniam picks up $4.9M to turn buses, cabs, and any car into a Wi-Fi hotspot

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Veniam, a Portuguese startup working on providing free Wi-Fi in urban environments, is announcing it has raised $4.9 million in new funding.

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Veniam picks up $4.9M to turn buses, cabs, and any car into a Wi-Fi hotspot

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Veniam, a company that leverages moving vehicles to bring more complete wireless Internet to municipalities, today announced that it has raised a $4.9 million Series A round of funding led by True Ventures, and participated in by Union Square Ventures. The company told TechCrunch that its prior angel investors also took part in the deal on a pro-rata basis, keeping their percentages in the firm whole.

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You've heard of the "internet of things." Get ready for the "internet of moving things." That's how a start-up called Veniam describes its mission to transform all the cars, trucks, and buses on city streets into a mobile WiFi network connecting anything and anyone around it. Veniam has already brought a version of this free public network to Porto, Portugal, where it's using some 600 vehicles to test the technology in a "living lab."

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Jon Callaghan, who sits on my board and has been my coach in the venture world, often says that the best opportunities are the ones that you know when you see them. His words were ringing in my ears when I first met João Barros for coffee in San Francisco in June of this year. João is the co-founder and chief executive of Veniam, the newest member of True Ventures’ family. True is leading a $4.9 million Series A round of funding with participation from Union Square Ventures, Cane Ventures, and a few private investors. I represent True on the board of directors.

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