ThingCo raises £3m in Series A funding from BHL(UK) Holdings to expand telematics rollout
BHL(UK) Holdings has provided £3m in Series A capital to support the manufacture and rollout of ThingCo devices.
ThingCo is an insurtech business that develops next generation telematics products and services, including its solar powered Theo device. The firm offers advanced data processing and real time platforms for insurance providers.
ThingCo has raised £3m in a Series A funding round led by BHL(UK) Holdings. The capital will be used to manufacture and deploy solar powered Theo devices, alongside funding the launch of a direct to consumer proposition featuring sensors and high definition cameras.
The investment caps off a busy period for the London based insurtech, which recently secured regulatory approval from the FCA and expanded its operations in Newcastle. Corniche Growth Advisors advised on the transaction.
Use of funds
- 01Continue product development
- 02Accelerate go-to-market