ONSIDE NEWS
SENECA BACKS LEADING NORTH-WEST BASED CAR
CONNECTIVITY BUSINESS
Seneca invested over £1m into wejo, a Cheshire
based business developing apps and journey data
capturing technology for connected cars.
A 'connected car' is a car that is equipped with internet
access, and usually also with a wireless local area
network. This allows the car to share internet access
with other devices both inside as well as outside the
vehicle. Often, the car is also outfitted with special
technologies that tap into the internet or wireless LAN
and provide additional benefits to the driver. Examples
include: automatic notification of crashes, notification
of speeding, safety alerts and wear and tear.
wejo is the brainchild of serial entrepreneur Richard
Barlow, who launched the business in 2013. The
company leverages the data derived from connected
cars, predominantly through white label and bespoke
reward-based app developments and unique journey
data capturing technology, to deliver business insights
for a range of companies, including OEMs and leading
insurers and enable businesses to better connect with
their customer base.
wejo runs three successful brands: wejo Rewards, a
rewards and driving app; wejo SDK, a journey data
capturing technology; and OEMx, a First Notification of
Loss (“ FNOL”) and incident concierge services provider.
Seneca’s Investment Director John Davies said: “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.
wejo chief executive Barlow said: “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 £160bn
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 Managing Partner Richard Manley
added: “We are passionate about supporting businesses
like wejo. The growth capital market remains buoyant
with the level of EIS investment anticipated to exceed
prior years.”
“Seneca, as a business, also continues to expand with a
current staff base of over 60 employees providing a mix
of debt, equity, advice and support to SMEs like wejo 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.”
wejo were advised by Ed Foulkes, Partner at law firm
Clarke Willmott LLP and Seneca by Jonathan Gillow at
Hill Dickinson.
ONSIDE WINTER 2016 |
“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 wants to become one of the biggest
mobility data businesses.”
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