DIP Capital’s Disruption Investment Platform (DIP) Fund I has invested GBP1.5 million in wejo, a leading UK technology company which collates data from connected vehicles.
DIP Capital was established in February 2018 and focuses on investing in disruptive businesses. Founded and led by Riccardo Cirillo, DIP has a first fund of EUR40 million for deployment globally and is sponsored by Platina Partners, an independent European investment firm focusing on renewable energy and private equity.
DIP’s investment in wejo was part of a larger round that also included the participation of the majority of existing wejo investors. The investment will primarily be used to support the expansion of wejo in the US market, with the aim of wejo becoming the global full-service data monetisation market leader.
wejo is a pioneering connected car data business based in the UK. It is reimagining the connected car and driving landscape, combining software solutions with data analytics to make connectivity insights more accessible. wejo’s automotive data exchange platform technology provides the data hosting, insights and monetisation of connected car data.
The connected car market is predicted to rise to over 250 million cars by 2025; today approximately 1.7 per cent of the world’s cars are connected. Currently 7.4 million vehicles are tracked by wejo in over 190 countries, with 20 million cars projected to be on the wejo platform by the end of 2019. Today’s vehicles are fitted with 100s if not 1000s of sensors, each telling the story of the vehicle’s current state and how it is used. wejo curates, transforms and normalises this data. wejo has to date curated 73 billion miles of data. The epicentre of the autonomous and connected car ecosystem will revolve around car data and how it is harnessed, analysed and monetised by data exchange platforms.
Richard Barlow, Chief Executive of wejo, says: “We are delighted with the support we have received from DIP and our other investors, which reflects the significant progress wejo has made, especially over the last year. We have bold ambitions and know that the time is right for us to demonstrate the multiple applications and opportunities presented by connected car data.”
Riccardo Cirillo, Founding and Managing Partner of DIP Capital, says: “We recognise wejo’s huge potential and believe in Richard Barlow and his team to achieve the company’s vision. We’re proud to back the most ambitious entrepreneurs and disruptive companies, supporting them on their journey to realise their vision. As such, we are excited to be part of wejo’s next phase of growth.”
