The financing was backed by Sompo Light Vortex and existing investors.
"Executing a successful capital raise in this economic environment is a major achievement for Wejo and reflects our investors’, partners’, and directors’ confidence in the Company’s ability to improve business fundamentals as we focus our portfolio of solutions around the traffic and insurance product lines,"
The Hull-based no-code app builder has secured seed investment from SFC Capital to fund research, development and operational growth.
"We started February after identifying a distinct gap in the UK market for a no-code app developer and that the route to that market was quickly achievable with the skills and team we had and were able to pull together,"
The funding comprises private sector backing alongside a grant from Scottish Enterprise to advance maritime decarbonisation.
"Scotland’s decision to support this project shows that wind technology has the might of a maritime nation behind it. Shipping has a long history of harnessing the power of wind, but digital technologies are allowing us to work towards making zero emission vessels a reality. Smart Green Shipping’s FastRig wing sail technology offers a financially and technically robust solution to help support shipping’s green transition."
The Manchester-based startup has closed a pre-seed round from angel investors, musicians, and footballers to complete app development ahead of its Q4 release.
"The app is currently open for pre-registration, and the official launch is planned for September this year."