Telematics technology provider The Floow has secured £13m in funding which will see it double its workforce and further accelerate the company’s strong momentum and global growth.
The funding has been led by leading China-based investment group Fosun which put forward the majority of the funds, with investors United Electronics Co and Direct Line Group also involved.
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.
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.
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 added: “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.”
Mr. Liang Xinjun, vice chairman and CEO of Fosun Group said: “The insurance-oriented integrated financial gene of Fosun has been rapidly evolving and developing.
“Fosun has formed a comprehensive insurance platform and developed our ‘Insurance+’ strategy, while InsurTech is one of the important pillars.
“We are very pleased to join forces with The Floow and its team and we are looking forward to supporting the company’s business and development with our resources. The insurance industry will continue to experience rapid change and The Floow as an innovative technology company can play an important role in our insurance platform.”
Monteforte added: “We are delighted to welcome Fosun and UEC as new investors to The Floow, and to be continuing to build on our partnership with Direct Line Group which has re-invested.
“Individually and as a collective they have embraced our vision, engaged with our philosophy, respected our entrepreneurial drive and aspiration to retain control over the direction of the company; and we look forward to their support in our objective of furthering The Floow’s reputation as a global leader.
“As we venture into a new chapter of The Floow’s journey, my thoughts and gratitude go to all our staff members and to the many clients and partners worldwide who have selected us as their trusted provider of telematics technology and services.
“We look forward to working around the world to build products that protect human life and nurture well-being.”