Telematics insurtech ThingCo has secured a further £2 million in funding from BHL (UK) Holdings, as it looks to scale operations and expand its market presence during what it describes as a pivotal year for the business..
ThingCo, led by chief executive Mike Brockman (pictured above), said the investment will be used to advance product development and broaden its reach in the telematics insurance market. The company works with insurers to provide data-driven insights aimed at improving underwriting and reducing claims losses.
“This additional investment from BHL (UK) Holdings is a powerful endorsement of our vision and the progress we've made,” said Brockman. “2025 is a pivotal year for ThingCo, marked by aggressive revenue growth targets and the continued delivery of tangible benefits to our insurer partners, such as the substantial loss ratio reductions we're already achieving.”
The additional capital comes from the majority owner of price comparison site comparethemarket.com. BHL’s wider group of affiliated businesses serves over 8.5 million customers and has operations in the UK, South Africa, and Australia
BHL chief executive Ian Leech said the decision to increase its backing reflected confidence in ThingCo’s technology, leadership, and potential to scale within the insurance technology sector. He cited the company’s contract renewal with Acorn Group and projected revenue growth as key indicators of momentum.
ThingCo expects to more than double its revenue in 2025, supported by a three-year renewal of its partnership with Acorn Group. The company has positioned itself as a provider of advanced telematics solutions, leveraging real-time driving data and analytics to support improved risk selection and claims performance across its insurer client base.
The investment comes as the broader telematics sector sees renewed focus. Brockman, who founded ThingCo in 2018, said 2025 could mark a turning point for widespread adoption.
In a January statement, he pointed to the combined impact of technology, economic conditions, regulatory developments and consumer expectations as key drivers of change.
According to Brockman, these factors are aligning to bring telematics to the forefront of motor insurance, influencing not only how risk is priced but also how insurers engage with customers.
