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.
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.
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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."
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By GlobalDataRiccardo 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."
