Flock, a UK-based insurtech start-up, has recently secured over €35.9 million in Series B funding led by Octopus Ventures, with participation from CommerzVentures, Social Capital, Dig Ventures, Anthemis, and Foresight Ventures.
The young company aims to make the world a safer place by encouraging safer driving habits through data, starting with our roads. The start-up’s connected fleet insurance incentivizes and enables safer driving by leveraging millions of miles of driving data, environmental data, and accident and crime data to accurately predict, price, and reduce vehicle risks. The product rewards safer driving with lower insurance premiums.
Flock’s real-time insurance product, launched in 2020, has been tailored to car rental platforms, courier companies, and corporate fleets.
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Today, it serves over 600 commercial fleet customers, including Jaguar Land Rover, Europe’s largest electric car subscription company Onto, and a third of the UK’s independent Amazon fleets. The start-up claims to have reduced its customers’ crash frequency by 10%, making roads safer while helping commercial fleets pay less for their insurance.
Founded in 2015 by Ed Leon Klinger and Antton Pena, Flock emerged from academic research into real-time risk analysis. Klinger, Flock’s CEO, believes that insurers should help customers save time, money, and lives.
With their radically different InsurTech model enabled by a vast amount of data, the start-up aims to reduce the number of people needlessly killed or injured on the road. The company hopes to help its fleet customers predict and prevent crashes before they even take place, offering the best possible claim experience – no claim at all.
With the latest funding, Flock plans to expand into new segments of the commercial motor industry and new geographies while growing the team.
Malcolm Ferguson, Partner at Octopus Ventures, shares Flock’s vision of making the world a safer place, not just for today’s vehicles but for the connected and autonomous vehicles of tomorrow. He believes that the start-up’s brilliant opportunity and vision of changing the world for the better are why they’re backing Flock to become a category-defining company in the fleet insurance space.
