THE telematics technology provider The Floow has received £13m equity investment that will accelerate it global growth.
The deal will see the Chinese-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.
Based in Sheffield, The Floow is one of the largest independent computer and data science organisations in the global telematics industry.
The news of the investment comes as the company celebrates its fifth anniversary. It has expanded from a team of three to more than 70.
Aldo Monteforte, the company’s founder and CEO, said: “Just five years from its foundation, The Floow is now a leading provider of telematics data services to the global insurance industry.
“This is a major milestone in our journey to make The Floow the best workplace 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.”