Seneca Partners are pleased to announce they have supported an exciting multi-million pound deal by providing a cornerstone £1m plus investment into wejo Limited.
The wejo “Group” is the brain child of serial entrepreneur, Richard Barlow. As a director and founder of a number of businesses in the insurance, data and mobile sectors, Richard is highly regarded for his strategic vision and ability to deliver commercial success. LeadX.com, the last business founded by Richard, is now the largest lead exchange provider.
Richard started the company back in 2013 initially to bring telematics to the mass market. The firm has now expanded to over 50 employees, with two brands now operating under the wejo Group umbrella, including:
– wejo Rewards, a rewards and driving app; and
– OEMx, an incident services platform for drivers, insurers and automotive manufacturers (OEMs)
Seneca’s Investment Director, John Davies commented, “wejo is an innovative, and disruptive technology company implementing an exciting strategy that is set to revolutionise the car industry through its ability to monetise big data, telematics and mobile technology. We are enthused by this opportunity to support an established business alongside a highly successful entrepreneur, Richard Barlow, and a very experienced board and senior management team.”
wejo Limited’s CEO Richard Barlow commented, “Securing the funding and vast experience that Seneca brings is a fantastic result for wejo. wejo wants to become one of the biggest mobility data businesses. Our focus on this strategy has been driven by the increasingly recognised belief that the global market size for car connectivity will be valued at £160 billion by 2020. wejo plays its part as a data enabler and driver of value exchange by developing applications for both Insurers and Motor Manufacturers.”
Seneca Partners Director, Richard Manley added, “The growth capital market remains buoyant with the level of EIS investment anticipated to exceed prior years. Seneca’s EIS portfolio of investee companies continues to expand, with in excess of £27m invested across 28 companies. Seneca as a business also continues to expand with a current staff base of over 70 employees providing a mix of debt, equity, advice and support to SMEs who are ready to take the next step on their growth journey, with the capability and strength to achieve their plans and reward investors through successful delivery. We are excited about working with wejo and supporting them on their journey as they continue to grow.”