Leader in connected vehicle data completes reverse merger with Virtuoso
Seneca Partners, the specialist SME investment business based in the North West has announced that EIS portfolio company, Manchester-based Wejo Limited (“Wejo”), a leader in connected vehicle data, has completed a reverse merger with Virtuoso Acquisition Corp (VOSO.O) and trading in the enlarged business commences today on Nasdaq.
The deal will enable Wejo to accelerate expansion of markets across traffic management, advertising, fleet management, insurance, remote diagnostics, car sharing and rental, roadside assistance, payments, SaaS solutions and more.
Every day, Wejo collects in near-real-time 14.6 billion data points and analyses 66 million journeys across a network of 10.7 million live vehicles from a supply base of over 50 million connected vehicles. Wejo expects its connected vehicle network to expand significantly with nearly half of all vehicles globally expected to be connected vehicles by the end of this decade.
Matt Currie, Investment Director at Seneca Partners commented; “This is an outstanding result for Richard and the entire Wejo team. Seneca Partners identified the potential of Wejo and supported the company via its EIS portfolio funds at the start of its incredible and rapid growth journey in 2016 and has followed with several funding rounds since then.
“It is a proud day for the company and we are delighted to have worked closely with such a strong management team since the early days. It is also a celebration of the power and potential which exists within the northwest SME community where Seneca maintains a long standing and well-developed footprint.
“It also fully demonstrates the power and purpose of the UK Government’s tax advantaged schemes (in this case the Enterprise Investment Scheme) in helping the best young innovative UK companies to raise capital to continue to grow and scale.
“Much is made about levels of funds raised and how they are deployed. However, those advisers who recommend their clients to us across the breadth of the UK choose us for our ability to select investment opportunities wisely and to provide cash returns to them within sensible investment horizons and this milestone for Wejo will allow us to continue to delight our investors and their advisers.”
Richard Barlow, CEO and Founder of Wejo, said, “The team at Virtuoso champions our vision to transform connected vehicle data into data for good, and we are proud to establish the market standard for collecting and aggregating that data. Insights developed by our data will make mobility safer, smarter, and more sustainable. Driven by our marketplace solutions for customers and SaaS solutions for OEM and Tier 1 partners, we expect rapid growth in revenues over the next several years.”
Notes to Editors
Formed in 2010, Seneca Partners is an award-winning specialist SME investment and advisory business based in the North West of England. The team brings together decades of success in providing bespoke investment and advisory solutions for clients across a multitude of financial areas including VCT, EIS & IHT product offerings. With over 70 staff working from five offices, Seneca Partners maintains a strong regional presence in the North West and North of the UK, with strong deal flow in the SME heartland areas.
Matt Currie, Investment Director, Seneca Partners
Matt leads the Growth Capital Division at Seneca having joined from the RBS Structured Finance team in January 2017. He works closely with management teams across the Seneca portfolio, including on the recent successful exit of Mission Labs. At RBS, working alongside the top private equity institutions in the region, Matt led deals across the Leisure/Consumer, TMT, Professional Services, Manufacturing and Infrastructure sectors. Prior to that Matt spent four years with Deloitte, qualifying as a Chartered Accountant and working on both audit and advisory engagements throughout the North West. Matt graduated from the University of Manchester in 2010 with a degree in Management with Accounting & Finance.
Wejo’s is a global leader in connected vehicle data;
- Wejo’s data set is the only truly proprietary connected vehicle data set in the market
- Engagement with 17 OEMs and Tier 1s
- 9.1+ trillion data points collected to date, or 5 petabytes of information
- 44.4 billion journeys mapped to date and 354 billion miles curated
- A supply base of 50+ million connection-ready vehicles including 10.7 million live vehicles
- 24 patents pending plus one granted
- 274 customer and partner agreements