Investment

Connected car data company Wejo has raised £10m in a round led by DIP Capital, with support from the UK government’s Future Fund and alongside new and existing investors. investors.

The fundraise is said to be used to underpin the next stage of the group’s development as a leading ‘mobility intelligence’ company.

Founded by Richard Barlow in 2014, the Chester firm provides information to a variety of end-users including insurers, local authorities and breakdown recovery services by tracking seven million connected cars.

Its software tracks traffic and uses machine learning to improve traffic and safety management operations.

The firm said it is creating the largest single source of connected car data for  organisations, and is currently in live discussions with auto manufacturers about future opportunities, working with its partners to take the complexity out of data processing, storage and sharing.

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.

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.”

Riccardo Cirillo, Founding and Managing Partner of DIP Capital LLP, added: “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.

“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.”

It was announced in February of last year that American automotive giant General Motors (GM) had taken a 35 per cent stake in the Chester technology start-up, valuing the company at $275m (£213m).

Barry Nightingale, the CFO of the fast-growing tech firm, said in November of last year that the firm was on track for an IPO and unicorn status by 2022.

https://businesscloud.co.uk/news/connected-vehicle-firm-wejo-eyes-ipo-and-unicorn-status/