What Happened to Wejo Group?
Ticker: WEJOSPAC Year: 2021Merger: 2021
Return
-100.0%
Current Price
$0
Peak Price
$16
Trust Size
$230M
Summary
Connected vehicle data company that promised to monetize car data from 12M+ vehicles. Bankrupt by 2023 after burning through $100M+ with negligible revenue.
What Happened
Wejo merged with Virtuoso Acquisition Corp in November 2021. The UK-based company collected data from connected vehicles (GPS, speed, braking) and sold analytics to insurers, cities, and advertisers. It claimed partnerships with GM, Toyota, and BMW. But data monetization proved far harder than projected â privacy concerns, complex contracts, and tiny revenue. Wejo burned through its SPAC cash in 18 months and filed for bankruptcy in March 2023.
Key People
Timeline
2021-05
SPAC merger announced
2021-11
Merger completed
2022-06
Revenue under $5M vs $100M projected
2023-03
Chapter 11 bankruptcy
2023-09
Assets acquired by Virtual Incision