BREAKING NEWS
This content is not available in your region

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

Access to the comments Comments
By Reuters
Microsoft, Sompo to invest $25 million in GM-backed startup Wejo
Microsoft, Sompo to invest $25 million in GM-backed startup Wejo   -   Copyright  Thomson Reuters 2021
Text size Aa Aa

-Wejo, a British auto data startup backed by General Motors Co, said on Tuesday that Microsoft Corp and insurer Sompo Holdings Inc 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.

The deal was announced last month and valued the startup at $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 $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.

Euronews provides articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.