General Motors Invests in wejo
General Motors has invested $25m in connected-car data startup Wejo ; taking a 35% stake in the British company. The deal values Wejo at $275m.
Founded in 2014 and led by Richard Barlow, wejo, which sells its data to cities and insurance companies, is tracking 7m cars in 190 countries. The company has recently acquired US-based Carjojo that helps consumers negotiate the best deal when buying a car.
“This strategic partnership with GM represents a major step forward for wejo and puts us at the forefront of the connected car revolution. It’s a statement of intent from one of the biggest car manufacturers in the world. Connected car data is of enormous value, not least to drivers who will be able to use it to unlock an evolving number of benefits, whether that’s cheaper insurance and fuel or a place to park.” – CEO of wejo, Richard Barlow.