ThingCo secures further £2m investment to fuel growth for 2025

Compare the Market majority owner BHL UK Holdings has invested a further £2m in ThingCo to support the continued growth of the telematics insurtech.

This comes after ThingCo secured a £5m investment from BHL Holdings in December 2021, in which the conglomerate took a minority stake in the business. 

BHL said the latest investment ”underscores its confience in ThingCo’s innovative technology and its trajectory in the rapidly evolving telematics market”, with the insurtech currently on track to more than double its revenue in 2025. 

Mike Brockman, chief executive at ThingCo, said: “This additional investment from BHL UK Holdings is a powerful endorsement of our vision and the progress we’ve made.

”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.

“This capital will enable us to accelerate our product development, expand our market reach and further solidify our position as a leader in telematics innovation.”

A transformative year

ThingCo’s expected growth is underpinned by recent successes, including the three-year renewal of its contract with Acorn Group.

Ian Leech, chief executive at BHL UK Holdings, said: “Our continued investment in ThingCo reflects our strong belief in its technology, its leadership and its immense potential within the insurtech landscape.

”ThingCo’s ability to drive significant loss ratio reductions and its impressive growth trajectory, highlighted by the recently renewed Acorn Group contract and projected doubling of revenue, ensure it remains a compelling proposition.

”We are excited to support ThingCo as it enters this crucial phase of expansion and continues to revolutionise the telematics sector.”