Telematics pioneer Mike Brockman (pictured) has received a New Year present in the form of a £3 million investment from comparethemarket.com’s innovation-driven majority owner BHL (UK) Holdings.
“The investment from BHL provides vindication for all we have achieved in the last three years and all we plan to accomplish in the next stage of ThingCo’s growth,” said Brockman, chief executive at the insurtech behind wireless telematics device Theo.
“This boost will enable us to manufacture and roll out more solar-powered Theo devices to meet the growing demand from the insurance market. It will also provide funds we need to launch our direct-to-consumer Theo-branded proposition incorporating sensors and HD (high definition) camera.”
Read more: Theo comes to market
Prior to the investment, Thingco not only expanded its distribution centre in Newcastle but also secured regulatory approval from the Financial Conduct Authority to act as an insurance intermediary.
“We look forward to being part of ThingCo’s success story,” stated BHL (UK) Holdings chief financial officer Ian Leech, who cited the “massive potential” in the insurtech’s services.
He noted: “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.”
