Manchester, United Kingdom-based Wejo Group Limited, a global company in smart mobility cloud and software solutions for electric connected autonomous vehicle data recently announced the conclusion of a self-arranged $15.9 Million private investment in public equity (PIPE) investment in Wejo, with substantial investments from Sompo Light Vortex Inc, a fully-owned subsidiary of Sompo Holdings, one of Wejo’s major retail partners as well as present investors and certain members of Wejo’s Board of Directors.
“Executing a successful capital raise in this economic environment is a major achievement for Wejo and reflects our investors’, partners’, and directors’ confidence in the Company’s ability to improve business fundamentals as we focus our portfolio of solutions around the traffic and insurance product lines, said Richard Barlow, Wejo Founder and CEO. “Sompo recognizes Wejo’s significant value proposition, and its new investment will help us continue to advance our Smart Mobility platform. Additionally, our continued commercial partnership will allow the Company to accelerate its entry into the Japanese market. Our proprietary platform and products aim to transform the end-to-end insurance market and help Sompo realize cost synergies and additional revenue opportunities.”
John Maxwell, Chief Financial Officer, said: “To work through these challenging times in the capital markets, we have taken measurable actions to accelerate our path to profitability, prioritizing growth in the marketplaces and SaaS offerings with the highest near-term revenue opportunities. Our long-term plans have not changed other than timing of when other marketplaces will be launched. In addition to successfully raising additional capital through the PIPE offering, we have implemented a hiring freeze, eliminated non-revenue projects, and prioritized workflows to more squarely focus on revenue generation in the current year and into 2023. We will continue to pursue additional cost reduction initiatives, which will help us get to profitability sooner.”
The company remains committed to achieving the revenue and vehicle platform objectives for 2022.
