Auto data startup Wejo to go public
Connected car data company Wejo and special purpose acquisition company Virtuoso announced that they have entered into a definitive agreement for a business combination and will operate under the Wejo name. The transaction implies an equity value of approximately $1.1 billion and is expected to deliver approximately $330 million of gross proceeds, including a $230 million cash contribution from Virtuoso and a $100 million fully committed PIPE with participation from lead strategic investors including Palantir Technologies and General Motors.
Founded in 2014, Wejo enables the capability to connect directly to integrated vehicle manufacturer sensors, enabling live insight and analytics for customers and auto manufacturer partners. Wejo already has a customer base in traffic management and advertising, and it is actively expanding into new marketplaces, including fleet management services, usage-based insurance, remote diagnostics, roadside assistance, car sharing, and payments.
“The team at Virtuoso champions our vision to transform connected vehicle data into data for good, and we are proud to establish the market standard for collecting and aggregating that data. Insights developed by our data will make mobility safer, smarter, and more sustainable. Driven by our marketplace solutions for customers and SaaS solutions for OEM and Tier 1 partners, we expect rapid growth in revenues over the next several years.” – Wejo founder and CEO Richard Barlow.