Wejo, a vehicle intelligence specialist, which has previously been ranked among the most exciting companies in the North West, has completed a £10 million fundraise to support the next phase of its growth. The funding was secured from a mix of new and current investors, with the round led by DIP Capital and including the UK government’s Future Fund.
“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,” commented Riccardo Cirillo, founding and managing partner of DIP Capital.
The funding will be used to drive expansion with new partners and bring new products to market. The data and insights provided by the 15 million cars on Wejo’s platform are licensed to mobility businesses from traffic analysts to parking app developers, smart city planners to governments.
“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,” said Richard Barlow, chief executive at Wejo.
The Future Fund is aimed at innovative and high-growth British businesses who are able to secure investment to help them through the coronavirus pandemic.
UK-based companies can apply for a convertible loan of between £125,000 and £5 million, to support continued growth and innovation.