China’s Fosun leads $16.6m round into UK telematics specialist The Floow

UK-based The Floow, a telematics technology provider, has raised $16.6 million equity investment led by Fosun, a leading Chinese investment group, to accelerate its global growth, the company announced on March 7.

Others who joined the round include United Electronics Co Ltd, a Chinese IT solution and service provider, and Direct Line Group, UK’s personal motor and home insurer. The investors will receive a minority interest in the Floow.

The Floow was founded in 2012 by Aldo Monteforte. The firm addresses vehicle insurance operations through the telematics approach, which allows wireless devices and black-box technologies to help transmit real-time data.

It specialises in computer science, big data, statistical analysis, driver psychology and actuarial science.

“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,” said Monteforte.

Some of its clients include Direct Line Group, AIG, Renault, Europcar and Nissan.

The Floow is looking to double its workforce which it has already created 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.

Also Read:

India: Chinese conglomerate Fosun plans $1b investment in India via real estate PE

Malaysian telematics startup KATSANA gets $893K from Axiata fund

China Life Insurance invests $600m into ride-hailing app Didi Chuxing

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.