Wejo to go public, deal values auto data startup at $800 million
By Ben Klayman and Paul Lienert
DETROIT (Reuters) -Auto data startup Wejo, backed by General Motors Co, will go public by means of a reverse merger with blank-check agency Virtuoso Acquisition Corp in a deal that values the British agency at $800 million along with debt, the companies acknowledged on Friday.
The deal will elevate $330 million in proceeds for Wejo, the companies acknowledged. That consists of $230 million from Special-Purpose Acquisition Company (SPAC) Virtuoso and one different $100 million referred to as Private Investment in Public Equity (PIPE).
Wejo Chief Executive and founder Richard Barlow acknowledged institutional patrons make up a variety of the PIPE, nonetheless declined to set up the businesses involved. An additional $25 million could be raised all through the next month as talks proceed with completely different potential patrons, he acknowledged.
Investors inside the PIPE embrace No. …