Telematics insurtech ThingCo has secured an additional £2 million in funding from BHL (UK) Holdings, marking a significant step in its plans to scale operations and strengthen its market position during what it calls a “pivotal year” for the business.
The funding comes from BHL, the majority owner of comparethemarket.com, and part of a broader group of businesses that serve more than 8.5 million customers across the UK, South Africa, and Australia.
ThingCo anticipates more than doubling its revenue in 2025, a target bolstered by the recent three-year renewal of its partnership with Acorn Group. The company specialises in advanced telematics technology, using real-time driving data and analytics to enhance risk selection and improve claims outcomes for its insurance partners.
In a statement earlier this year, ThingCo CEO Mike Brockman highlighted the convergence of technology, economic pressures, regulatory shifts, and evolving customer expectations as major forces reshaping the motor insurance landscape.
“These dynamics are pushing telematics to the forefront of motor insurance,” Brockman said. “It’s not just transforming how risk is priced, but also redefining how insurers interact with their customers.”
