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November 23, 2018

DIP Fund I invests GBP1.5m in connected car data specialist Wejo

DIP Capital LLP, a new investment management firm dedicated to investing in disruptive businesses, said its Disruption Investment Platform (DIP) Fund I had invested GBP1.5m in Wejo, a UK technology company which collates data from connected vehicles.

By Olly Wehring

DIP Capital , a new investment management firm dedicated to investing in disruptive businesses, said its Disruption Investment Platform (DIP ) Fund I had invested GBP1.5m in Wejo, a UK technology company which collates data from connected vehicles.

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How attractive are current investment opportunities in Europe?

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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 EUR40m 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 it becoming the global full service data monetisation market leader.

Wejo is a pioneering connected car data business based in the UK which claims it is reimagining the connected car and driving 'landscape', combining software with data analytics to make connectivity insights more accessible. Its 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 250m cars by 2025; today approximately 1.7% of the world's cars are connected. Wejo currently tracks 7.4m vehicles are in 190 countries with 20m cars projected to be on its platform by the end of 2019.

Wejo CEO Richard Barlow said: "We are delighted with the support we have received from DIP and our other investors which reflects the significant progress [we have] 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 , said: "We recognise Wejo 's huge potential and believe in Barlow and his team to achieve the company's vision."

Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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