The Floow: Sheffield software firm set to create 110 jobs after being snapped up

A Sheffield driver tracking company has been snapped up for £51m - and is set to create 110 jobs with the help of a £4.8m taxpayer-funded grant.

Friday, 4th March 2022, 6:04 pm

The Floow, based on Wicker Lane, has been acquired by Israeli firm Otonomo, subject to approval by UK regulators.

It marks the start of a new era for founders Aldo Monteforte and Sam Chapman who launched in Sheffield in 2012.

WHAT DOES THE FIRM DO?

CEO Aldo Monteforte

The Floow’s software runs on mobile phones and tracks whether motorists are driving safely. It is used by insurance firms to set premiums.

Otonomo does a similar thing in cars.

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At the same time, The Floow is in the final stages of qualifying for a grant from the South Yorkshire Mayoral Combined Authority which, together with its own funding, it is promising to create 110 jobs.

Director and co-founder Sam Chapman said: "The Floow will remain very active in South Yorkshire, including engagement with the Local Enterprise Partnership, We hope to reveal more about these aims when able."

The Floow’s revenue was about £5.2m last year.

CEO Aldo Monteforte said: “I could not be prouder to announce we are joining the Otonomo team. This is a big, bold step that brings us closer to our vision of safer and smarter mobility for all.

"Our clients and partners, some of the leading insurers of the world, will have access to a significant and unique set of data products, tools and resources.”

Ben Volkow, CEO of Otonomo, said: “We are pleased to be joining forces with The Floow’s CEO Aldo Monteforte, a visionary in his field, and the entire team.”

HOW IS THE TAXPAYER SET TO HELP THE FIRM?

The company is also set to receive £4.8m from a programme of business investment by the South Yorkshire mayor’s office.

In December 2021, James Muir, the former chair of its business arm the LEP, said it was hoping to invest £170m into 137 high-growth companies, creating 7,000 jobs.

So far it has announced 500 at a new battery factory receiving a £3.2m loan and £2m grant, 35 jobs at a Gene Therapy Innovation & Manufacturing Centre receiving a £1.5m grant and 300 jobs a new compressor factory in Doncaster which is getting a £5m grant and £2m loan.

It is also set to loan £20m to Doncaster Sheffield Airport.

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