Wejo and Virtuoso Acquisition Corp. Announce Additional Financing Arrangements Related to Upcoming Merger

New Forward Purchase Agreement with Apollo For Up to $75 Million
Mason Stevens Provides Additional PIPE Investment Bringing Total Financing to $128.5 Million

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Wejo Group Limited , a global leader in connected vehicle data, and Virtuoso Acquisition Corp., a publicly traded special purpose acquisition company, announced two agreements to secure additional financing arrangements related to their proposed merger through which Wejo expects to become a publicly listed company:

• Forward Purchase Agreement. An affiliate of Wejo has entered into a forward purchase agreement, a derivate transaction, for up to 7.5 million shares of Virtuoso with a value of up to $75 million, with funds managed by affiliates of Apollo (“Apollo”). Additional information on the forward purchase agreement will be filed with the SEC on Form 8-K.

• New PIPE Investment. Virtuoso has also entered into an agreement with Mason Stevens, an Australia-based institution offering managed account solutions across multi-assets and multi-currencies, under which Mason Stevens make will an investment of $3.5 million as part of the Private Investment in Public Equity (PIPE) financing, bringing the total financing to $128.5 million. Mason Stevens brings important long-term support from the Asia-Pacific region and joins other institutional and strategic PIPE investors in Wejo, including Microsoft, Palantir Technologies, General Motors, and Sompo.

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Richard Barlow, Founder and Chief Executive Officer of Wejo, said, “As we approach the completion of our merger with Virtuoso Acquisition Corp. and our public listing, we are delighted to have arranged this additional financing, which is a validation by highly regarded global investors of the considerable momentum we have built in our business and our future growth opportunities. The combination of our PIPE, cash in trust, and Apollo’s forward purchase agreement, ensures we have significant capital for the future to invest in product and technology development, global distribution of our products and services, OEM onboarding, and accelerating our marketplace growth.”

Rob Givone, Partner at Apollo, stated, “We are excited to support this transaction with Wejo, a global market leader in connected vehicles. Wejo has established relationships with major OEMs and related Tier 1 automotive suppliers, and has received strategic investments from blue-chip companies such as GM, Microsoft, and Palantir. We believe that Wejo will be well positioned to become the independent third-party platform servicing both drivers and OEMs and creating innovative automobility solutions.”

Wejo has achieved many notable commercial milestones since the announcement of the merger in May 2021:

• Total vehicles on the Wejo platform have increased 20% to nearly 12 million thanks to increased supply from Wejo’s OEM partners.
• Total data captured through Wejo’s connected vehicle platform has increased to over 17 billion data points per day that Wejo collects in real time.
• Wejo Studio, the company’s software subscription solution for its marketplaces, was launched in October.
• Significant progress has been made in strategic partnerships with Microsoft, Palantir, Hella Gutmann Solutions and several others.
• Creation of a business solutions with Hella to address vehicle health and safety issues.
• Continuing to add new leading-edge customers, including Microsoft’s Mapping division.
• Expanding partnerships with fleet operators and truck companies.
• A SaaS solution on Palantir Foundry, enabling EV charging companies to license Wejo data and interact directly with Foundry’s eMobility offering – accelerating the deployment of EV charging infrastructure.

Tim Lee, Chairman of Wejo, added, “We are very pleased by the growing momentum at Wejo as we continue to deliver vital solutions that demonstrate the significant ability of connected vehicles to solve society’s most-critical transportation challenges. Our achievements are reflected in the strong growth and development of our business, and by the leading companies that have invested in Wejo and are collaborating with us on a range of mission-critical projects. We are excited for Wejo’s next chapter as a public company and to continue utilizing data to create insights with wide-reaching benefits.”

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