Wejo, the connected car data pioneer, announced that it has secured £10 million (approx €11.1 million) funding led by DIP Capital LLP and including the UK government’s Future Fund. The Future Fund is aimed at innovative and high-growth British businesses who are able to secure investment to help them through the Coronavirus outbreak. The Fund is open until September 2020 and is delivered in partnership with the British Business Bank.
Expansion with global auto partners
This funding news came a week after the company unveiled its collaboration with Hyundai, following agreements with General Motors and Daimler. The UK company intends to use the funds to drive expansion with new global auto partners, bring new products to the market to satisfy the significant demand for data insights.