Innovative telematics technology provider The Floow has received £13 million equity investment to accelerate the company’s global growth.
Leading China-based investment group Fosun has put forward the majority of the funds, with investors United Electronics Co. and Direct Line Group also involved. They each receive a minority economic interest in the company.
Sheffield-based The Floow is one of the world’s largest independent computer and data science organisations focused on individual mobility and has helped transform the insurance operating model.
Founder and CEO Aldo Monteforte 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.
“We look forward to working around the world to build products that protect human life and nurture well-being.
“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.”
The Floow delivers predictive analytics to the insurance industry and aims to “enrich end user experience to the point of mass market adoption”.
It now employs more than 70 people five years after it was founded.
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.”
Mr. Liang Xinjun, vice chairman and CEO of Fosun Group, said: “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.”