InsurTech company ThingCo has secured a further £3 million in investment from BHL (UK) holdings.
The deal, which was completed on 31 December, comes after the company rolled out Theo, its solar powered, AI and Voice enabled, self-fit telematics device, through a growing number of broker partnerships and expanded its distribution centre in Newcastle.
ThingCo founded by Mike Brockman, specialises in next generation telematics to meet increasing demand for flexible motor premiums and lower claims costs, secured regulatory approval from the FCA to act as an insurance intermediary last year.
The latest funding round was led by BHL(UK) Holdings, the majority owner of comparethemarket.com through BGL (Holdings) Group.
ThingCo has built a series of b2b and b2c products and services to address the weaknesses, including technical, practical and regulatory challenges in the current market.
Mike Brockman, chief execuitve of ThingCo said the funding would enable the company to manufacture and roll out more solar powered ‘Theo’ devices and provide funds to support the launch of its direct to consumer Theo branded proposition incorporating sensors and and HD camera in order to drive down the cost of premiums.
Ian Leech of BHL (UK) Holdings said:“ThingCo has created a telematics solution leveraging leading edge technology and data processing power that offers significant risk reduction and customer engagement capabilities for insurance providers of any size in any global region.
“As a group focused on harnessing innovation to support our growing customer base, we can see the massive potential in ThingCo’s services for insurance brands globally.”
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