Revenues have rocketed at connected car startup Wejo.

North West-headquartered Wejo, which processes 16 billion data points from 11 million vehicles a day and has a heavy presence in the US, agreed a US SPAC merger to float on the New York Stock Exchange this year.

The deal, struck with Virtuoso Acquisition Corp to go public through a reverse merger, valued Wejo at $800m, with analysts tipping it to achieve unicorn status in the near future.

The firm was third in our TransportTech 50 innovation ranking, announced this week.

TransportTech 50 – UK’s most innovative transport technology creators for 2021

Net revenue for the nine months ended September 30th grew by 43% in the period to $1.2 million, while gross sales were up 69% to $4.1m – driven by a 20% increase in vehicles on the platform and a 104% growth in the number of customers.

The company says the difference in growth rates between net and gross was attributable to its revenue sharing model.

Annual recurring revenue increased by 77% to $4.7m in the traffic marketplace as a result of customer growth and the addition of new enterprise relationships including Microsoft and several universities.

These partners purchase movement data to generate real-time insights to measure traffic performance. 

Why there are no shortcuts to success – Wejo CEO

“Wejo continues to deliver on its goal of transforming the world through the use of software platforms that enable safer and more convenient transportation experiences,” said founder and CEO Richard Barlow. 

“From supporting city planners on where to place EV charging stations to developing technology that supports vehicle to vehicle communications, we are working to position Wejo as the leading provider of software solutions for all OEMs. 

“We have made substantial progress over the last year by expanding our OEM relationships and strategic partnerships, clearly demonstrating the value of the insights gleaned from our proprietary platform. 

“We are just scratching the surface of this expansive opportunity and are eager to continue executing on our mission.”