Exclusive: British auto data start-up Wejo in talks to go public in $2 billion SPAC deal - sources
Summary
(Reuters) - Wejo is closing in on a deal to go public through a reverse merger with a blank-check company that would value the British connected car data start-up at more than $2 billion, two people familiar with the matter said. Wejo estimates that by 2030, 72 million new vehicles sold worldwide will be connected, creating an opportunity for revenue streams and more services for automakers and their customers, as well as greater efficiency for companies in product development. Wejo’s technology platform, ADEPT, allows automakers to organize the data collected in those vehicles. Founded in 2014, Wejo, which stands for “we journey,” has raised $157 million according to PitchBook from such investors as GM, which acquired a significant stake in 2019, German auto supplier Hella, DIP Capital and the British government. On Feb. 1, Wejo’s Israeli rival Otonomo said it would go public through a merger with a SPAC, Software Acquisition Group Inc II, at a valuation of $1.4 billion.
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