Wejo Announces £10M in New Funds to Support Next Stage of Growth

Aug. 3, 2020 — Wejo announces that it has secured £10 million ($13.04 million) in a fundraise, which will underpin the next stage of the group’s development as it announces new global automotive partnerships and progresses as market leader of mobility intelligence. Funds have come from a mix of new and current investors, with the round being led by DIP Capital LLP and including the UK government’s Future Fund.

Riccardo Cirillo, Founding and Managing Partner of DIP Capital LLP, said: “We are excited to lead this round as we recognize Wejo’s huge potential and believe in the value it provides not just to car companies but also to end-user customers of its big data insights and analytics. We are confident Wejo is in the right position to take advantage of this clear opportunity to become a leader in the market, shake up the automotive industry, and enable the full digitalization of mobility.”

Wejo is experiencing increasing demand and recognition of the value that its connected car data products and insights provide, unlocking value for public and private sector organizations. The data and insights provided by the 15 million cars on its platform are licensed to mobility businesses from traffic analysts to parking app developers, smart city planners to governments.

Wejo is creating the largest single source of connected car data, focused on innovation and making it simple and secure for organizations to access and benefit from connected car data. Wejo is in live discussions with various other auto manufacturers about future opportunities, working with its partners to take the complexity out of data processing, storage and sharing.

The Future Fund is aimed at innovative and high-growth British businesses that are able to secure investment to help them through the Coronavirus outbreak. UK-based companies can apply for a convertible loan of between £125,000 and £5 million, to support continued growth and innovation. Private investors have to at least match the government investment in these companies. The Fund is open until September 2020 and is delivered in partnership with the British Business Bank.

Commenting on today’s announcement, Richard Barlow, CEO of Wejo, said: “To secure this level of commitment from a mix of new and incumbent investors is testament to the quality and opportunity presented by Wejo’s unique tech platform and innovation pipeline. Focused on harnessing data for good, we are working with multiple car manufacturers and end users to deliver better journeys for all.”

About wejo

Since 2014, wejo has made it simple and secure to share and access connected car data, on a global scale. We are more than a data exchange platform. We believe in using data for good. That’s why we innovate with ground-breaking products and services to revolutionize the way we live work and travel. We organise billions of data points from millions of connected cars, across multiple brands, makes and model. We standardise and enhance data on a vast scale, ready to share to automotive manufacturers and license to the public and private sector.

Source: wejo