Sheffield telematics firm set to double workforce with £13m investment

The Floow, the Sheffield-based telematics technology provider, has received a £13m equity investment that will be used to further accelerate the company’s global growth.

Fosun, the Chinese-based investment group, put forward the majority of the funds, with investors United Electronics Co., and Direct Line Group also involved in the transaction.

Direct Line Group, the personal motor and home insurer, as well as Fosun, and United Electronics Co., invested a total of £13m 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 predictive analytics in the insurance industry and improve end user experience to the point of mass market adoption.

The Floow’s workforce is also expected to double as a result of the investment.

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.

Aldo Monteforte, CEO of The Floow, 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.”

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, commented: “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. “

Aldo also said: “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.”