Wejo, a connect car company that operates an auto data exchange platform out of the United Kingdom and tracks over seven million cars over 180 countries expects to have over 28 million vehicles on their platform by 2020.
Founded in 2014, wejo has just received an investment of €91 million in a Series B round led by General Motors, including an in-kind contribution worth more than €60 million, for a 35% stake in the company. This follows on a €13 million Series A round raised in 2018, and the Series B round now puts wejo’s valuation at €244 million.
“This strategic partnership with GM represents a major step forward for wejo and puts us at the forefront of the connected car revolution,” said Richard Barlow, CEO of wejo. “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.”
The startup emphasises that the partnership with GM will deliver significant benefits to drivers such as enhancing vehicle safety and improving drivers’ experiences by facilitating the development of new products and services, like real-time parking availability and local fuel price comparisons. However wejo will continue to engage in data sharing agreements with other auto manufacturers, driving solutions in areas like traffic and mapping, urban mobility, insurance, parking, and geolocation.
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