Riccardo Cirillo, managing partner of UK private equity firm Platina Partners, announced that its DIP Capital LLP, a private equity firm that he has founded lsat February as a Disruption Investment Platform, has made its first investment through its DIP Fund I, a fund that has raised 40 million pounds from its sponsor investor Platina Partners (see here the press release).
DIP led a new venture capital round in wejo, a UK company specialized in collecting and monetizing data from connected cars. DIP invested 1.5 million pounds as part of a wider capital round whose size has not been disclosed, together with other investors who previously supported wejo in other venture rounds. Actually the compny announced a 5 million pounds investment round in January and other investment rounds for a totla of 20 million pounds in the previous two years.
More recentley the company appointed as chairman Tim Lee, former executive vice president Global manufacturing in General Motors and chairman of General Motors China. Last October wejo bought Carjojo, a Silicon Valley-based tech company. The new money will be used to finance wejo’s expansion in the US. Today the company collects data form 7.4 million cars in more than 190 countries and estimates to reach 20 million monitored cars by the end of 2019.