General Motors invests in Endeavour portfolio company, wejo
Article from Sky News:
“The American automotive icon General Motors (GM) is investing millions of pounds in a British technology start-up that is targeting a leading role in the impending revolution in driverless vehicles.
Sky News has learnt that Chester-based wejo has struck a landmark deal that includes a $25m (£19.4m) cash injection from GM alongside a long-term data-sharing agreement between the two companies.
Sources said the alliance was signed several weeks ago, but has yet to be disclosed by either side.
GM’s investment includes an ‘in-kind’ consideration worth more than $70m to supply data from millions of the car-maker’s vehicles for wejo to manage for seven years, according to insiders.
In total, the deal values wejo at $275m (£213m), with GM taking a 35% stake in the British company.
Wejo was founded by Richard Barlow, an entrepreneur who foresaw the value of data from ‘connected cars’ to insurers, local authorities and breakdown recovery services.
To date, the start-up has processed data from 78 billion miles of car journeys.”
Endeavour backs Exeter-based founders of WorkFlow Management Ltd t/a Re-Flow
Exeter Tech Company Re-flow Secures International Venture Capital Funding
Having received significant funding from an international investor, Exeter based tech company Re-flow has seen major growth over the last quarter, including doubling operational staff, new offices and the onboarding of a series of national clients. 2019 is set to be very bright for the company and there is a call for more talent to come and join them.
Re-flow is an app-based workforce tool for businesses with staff working outside the office, on location, that need a solution to improve planning, communication and evidencing in the field.
The early success of the company has been amplified due to their niche in the market from technology that condenses various forms, such as health and safety, risk assessments and time sheets into single dynamic digital documents that eliminate unnecessary paperwork.
Michael Saunders, Managing Director of Re-flow said:
“Securing this funding has meant we can significantly ramp up our operations in the next year. It’s exciting times in the Re-flow offices and we’re looking forward to taking our local company out to many more clients across the UK.”
“Any business where employees are carrying out a job on location will benefit from Re-flow and the solution is already delivering results in many industries, from construction and civil engineering, to highways and maintenance.”
Keen to keep operations in the heart of the city, Re-flow has taken over the top floor suite of The Mount on Paris Street. The newly refurbished offices have space for the company to expand along with its rapid growth plans.
Having already secured a number of major clients in the highways and construction industry, Re-flow is poised to pick up a raft of clients across other industries with mobile and field operations. The major challenge now remains in recruiting the city’s top talent to join the development team to be part of this success story.
The investment deal was brokered by Endeavour Ventures, who specialise in funding for software, fintech platforms, property and legal tech, pay-tech, the cloud and related technologies, and IoT.
Bill Cunningham, Director of Endeavour Ventures said:
“The fact that we were able to over fund the company beyond the initial target, reflects the quality of the management team, the strength of the opportunity and the exciting nature of the growth market that they have identified. We have been impressed with the quality of the proposition from first contact and with the founders every success with their plans for developing the business.”
In a sign of things to come, endorsements from clients are coming thick and fast, including national road-surfacing company Toppesfield, who recently signed up to Re-flow.
Business Improvement Manager Sam Hennessy commented:
“We identified the need for a solution to on site form management and process compliance and chose Re-flow due to their previous experience in our sector and the functionality and ease of use of their product. We are well on the way to having a product ready to roll out to our teams and the process so far has been enlightening and satisfying. I am confident that Re-flow will deliver more accurate, timely and consistent information that is easier and less time-consuming to complete and that our business will become more efficient as a result.”
Re-flow field management software enables users to centrally control jobs on location and achieve outstanding workflow management. The desktop dashboard gives powerful job command functionality, and in the field, the ultra-stable app won’t let mobile workers down.
As workers complete tasks and information, data comes back to the dashboard, instantly highlighting what’s been accomplished. For more information, visit www.re-flow.co.uk
Mike Saunders CEO
For more information please contact:
Ollie Christophers, Marketing Manager
Re-flow, The Mount, 72 Paris Street, Exeter EX1 2JY
Tel: 01392 574001
Re-flow is an award-winning digital company based in the heart of Exeter, Devon. Founded in 2016, the company now has a raft of clients across the construction, maintenance and civil engineering sectors, using our software solutions to digitise their workflow management.
For more information please visit www.re-flow.co.uk