Wejo raises £10 million
Connected car data company wejo has raised £10 million in a new round of funding 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.
Founded in 2014, Wejo has 15 million cars on its platform and it licenses the data to mobility businesses, insurance companies, city planners and governments to name a few. The company is looking to create the largest single source of connected car data and it is “in live discussions” with various auto manufacturers about future opportunities to take the complexity out of data processing, storage and sharing.
“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 digitalisation of mobility.” – Riccardo Cirillo, founding and managing partner of DIP Capital LLP.
“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.” – Richard Barlow, CEO of Wejo.