Fosun Group, a Chinese conglomerate with insurance as one of its core businesses, has led a £13 million (US$16.4 million) equity investment in British telematics technology provider Floow, a company that helps auto insurers improve coverage efficiency, according to a company announcement.
Beijing-based information technology services provider United Electronics Co., Ltd. and British insurance company Direct Line Group also participated in the round.
Established in 2012, Sheffield-based Floow monitors and quantifies risky driving behavior based on the data collected from its telematics system equipped in the vehicles for insurance companies to improve auto insurance coverage and efficiency.
"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," said Theresa May, prime minister at U.K., in a statement. "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."
"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," said Liang Xinjun, vice chairman and CEO of Fosun Group.
The company plans to used the latest proceeds to double its workforce to 140 members, as well as support its strategy to focus on delivering the insurance industry's best predictive analytics and enriching end user experience to the point of mass market adoption.