UK-based Wejo, which is focused on creating the largest single source of connected car data has announced it has secured £10m (US$13m), to underpin its next stage of development, which will include global automotive partnerships.
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, which is aimed at innovative and high-growth British businesses who 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.
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 organisations. 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.
“We are excited to lead this round as we recognise 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,” says Riccardo Cirillo, founding and managing partner of DIP Capital LLP. “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 digitalisation of mobility.”
“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,” says Richard Barlow, CEO of Wejo. “Focused on harnessing data for good, we are working with multiple car manufacturers and end users to deliver better journeys for all.”