£13m Chinese equity investment for tech business
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Telematics technology business The Floow has received a £13m equity investment to support its growth.
China-based investment group Fosun is a majority investor, with United Electronics and existing Direct Line Group also putting up funds.
They will receive a minority economic interest in The Floow, which is planning to double staff numbers with the investment.
The business was established in 2012 by Aldo Monteforte. It has since increased from three to 70 members of staff.
Aldo Monteforte 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.
“Individually and as a collective they [the investors] 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.
“As we venture into a new chapter of The Floow’s journey, my thoughts and gratitude go to all our staff members and to the many clients and partners worldwide who have selected us as their trusted provider of telematics technology and services. We look forward to working around the world to build products that protect human life and nurture well-being.”
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: “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. “
Fosun Group was founded in 1992 in Shanghai. Fosun International Limited was listed on the main board of the Hong Kong Stock Exchange on July 16, 2007.
UEC Group Limited established in 2001, is a leading information technology company listed in Shenzhen Stock Exchange.