Prime Minister hails £13m investment for Sheffield technology firm The Floow

The Wicker-based firm is set to hire 70, taking the total to 140, following an investment by Direct Line and two Chinese companies.

The Floow writes smartphone software that tracks driver behaviour and is used by insurers to set premiums.

The news comes a week after the company celebrated its fifth anniversary – having expanded from three to 70 staff since it was established in February 2012.

The investment comes less than a month after supercar maker McLaren and aeroplane company Boeing announced plans to spend millions building factories in the region.

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.”

The Floow chief executive Aldo Monteforte said: “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.”

Investment group Fosun has put forward the majority of the funds, alongside a second Chinese firm, United Electronics Co, and UK-based Direct Line.

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. ”