General Motors is taking a 35% stake in Seneca EIS Investee Company wejo, a Chester based ‘connected car’ start-up, originally backed by regional SME specialist, Seneca Partners.
The investment from GM makes wejo the most valuable British start-up in the connected car space. The landmark deal with GM includes a $25 million cash injection in addition to a long-term data-sharing agreement between the two companies. In total, the deal values wejo at $275 million.
Entrepreneur Richard Barlow is the founder of wejo. He recognised early the value of data from ‘connected cars’, including for insurers, local authorities and breakdown recovery companies. To date, wejo has processed data from 78 billion miles of car journeys. Since 2014, wejo have been building unsurpassed technology and concierge services, allowing businesses to be part of the connected car insurgency. wejo are helping transform the way people use their cars and making driving more rewarding and safer for us all.
Seneca’s Investment Director and Head of Growth Capital, John Davies commented, “We first backed wejo in 2016, recognising the potential of the opportunity under the experienced stewardship of Richard Barlow. This new strategic investment is transformational for the company and positions wejo at the forefront of the connected car market. wejo is a great example of the type of business that we look to invest in, a disruptive proposition with an exceptional leadership team.”
It is important to be aware that not all investments in smaller unquoted companies are successful and investors must understand the risks inherent in such investing. If you are in any doubt then you must speak to a financial adviser. Investments in unquoted companies could put some or all of your capital at risk.