£13m investment for telematics technology provider The Floow
Innovative telematics technology provider The Floow has confirmed that it has received £13m equity investment that will further accelerate the company’s strong momentum and global growth.
The announcement sees leading China-based investment group Fosun put forward the majority of the funds, with investors United Electronics Co., and Direct Line Group also involved in the transaction.
The Floow is one of the largest independent computer and data science organisations in the global telematics industry focused on individual mobility. Telematics insights provided by The Floow help transform the insurance operating model from transactional to one based on relationship and service.
Existing investor Direct Line Group, the UK’s leading personal motor and home insurer, as well as leading Chinese investment group, Fosun, and United Electronics Co., have invested a total of £13m (€15.2m and $16.4m equivalent) in exchange for a minority economic interest in The Floow.
The investment will support the strategy of the leadership team led by founder and CEO Aldo Monteforte, which is focused on delivering the insurance industry’s best predictive analytics and enriching end user experience to the point of mass market adoption.
The news comes in the week when the company celebrates its fifth anniversary – having expanded from a core team of three to a total of more than 70 members of staff since it was established in February 2012. The investment also puts the company on track to double its workforce.
Aldo Monteforte said: “Just five years from its foundation The Floow is now a leading provider of telematics data services to the global insurance industry, and today my management team and I are proud to have reached agreement for the completion of a meaningful financial investment that is aimed at accelerating the company’s momentum and global growth.
“This is a major milestone in our journey to make The Floow the best work place for all who aspire to harness sensors, software and data in pursuit of smarter and safer mobility.”
Prime Minister Theresa May said: “Today’s announcement of a £13m investment into Sheffield’s thriving tech sector by three firms, including foreign investors, demonstrates the faith they have in the future of Sheffield. It’s great news for The Floow, which will be able to use the cash to double its workforce and carry on expanding the cutting-edge car safety technology that has seen it create 70 high skilled jobs in the city. But it’s also great news for the rest of Sheffield, as it clearly shows that the city is open for business.”