March 14, 2022

Microsoft, Sompo to invest US$25M in GM-backed startup Wejo

BENGALURU —
Wejo, a British auto data startup backed by General Motors Co, said on Tuesday that Microsoft Corp and insurer Sompo Holdings Inc will invest US$25 million in the company.

The investment comes as Wejo prepares to go public later this year through a reverse merger with blank-check company Virtuoso Acquisition Corp.

The deal was announced last month and valued the startup at US$800 million including debt.

Microsoft and Sompo join General Motors and data analytics firm Palantir Technologies Inc as part of Wejo’s private investment in public equity (PIPE) financing, which now stands at US$125 million.

Manchester-based Wejo organizes data from almost 11 million vehicles connected to the internet for clients such as GM, Hyundai Motor Co and Daimler.

(Editing by Shounak Dasgupta)

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