Wejo raises $15.9m in private investment to extend capital runway
The financing was backed by Sompo Light Vortex and existing investors.
$15.9MOther
Manchester-based Wejo manages and transforms data from connected, electric and autonomous vehicles to power mobility solutions.
Wejo has secured $15.9m in private investment in public equity, backed by Sompo Light Vortex alongside current investors and board members. The Manchester-based smart mobility company will use the proceeds to extend its capital runway and support product expansion in marketplace solutions and automotive SaaS. The latest financing forms part of wider liquidity measures implemented by the firm alongside cost reduction initiatives.
From the founder
"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,"
RB
Richard Barlow
Founder and CEO at Wejo
Use of funds
- 01Continue product development
- 02Expand into international markets