Microsoft, Sompo to invest $25 mln in GM-backed startup Wejo (updated)
29/06/2021 13:14
(Adds deal details, background)
June 29 (Reuters) - Wejo, a British auto data startup backed
by General Motors Co GM.N , said on Tuesday that Microsoft Corp
MSFT.O and insurer Sompo Holdings Inc 8630.T will invest $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 VOSO.O .
The deal was announced last month and valued the startup at
$800 million including debt. urn:newsml:reuters.com:*:nL2N2NF2D8
Microsoft and Sompo join General Motors and data analytics
firm Palantir Technologies Inc PLTR.N as part of Wejo's
private investment in public equity (PIPE) financing, which now
stands at $125 million. urn:newsml:reuters.com:*:nBw4Wyn3Xa
Manchester-based Wejo organizes data from almost 11 million
vehicles connected to the internet for clients such as GM,
Hyundai Motor Co 005380.KS and Daimler DAIGn.DE .
(Reporting by Ankit Ajmera in Bengaluru; Editing by Shounak
Dasgupta)
((Ankit.Ajmera@thomsonreuters.com))