The Seneca Partners’ EIS investee business Wejo has been backed by General Motors, making it the most valuable British start-up in the connected car sector.
The car company has taken a 35% stake in Wejo as part of a deal which values the business at $275m. It includes a $25m cash injection and a data sharing agreement.
Wejo was founded in 2014 in recognition of the value of vehicle data to insurers, local authorities and breakdown recovery companies. It has already processed information car journeys totalling over 78 billion miles.
Seneca Partners, a specialist SME investment and advisory business, first invested in North-West based Wejo in 2016.
Seneca Partners Investment Director John Davies (pictured above) said: “Wejo is a great example of the type of business that we look to invest in, within our EIS and VCT portfolios. It has a disruptive proposition with an exceptional leadership team. This new strategic investment is transformational for the company and positions Wejo at the forefront of the connected car market.”