London-based Flock, a fully digital insurance company that enables and incentivises safer driving, announced on Thursday, February 23, that it has raised $38M (approximately €35.96M) in a Series B round of funding led by Octopus Ventures.
CommerzVentures, as well as all existing institutional investors Social Capital (led by Chamath Palihapitia), Dig Ventures (the family office of MuleSoft Founder Ross Mason), Anthemis, and Foresight Ventures, also participated in the round.
Malcolm Ferguson, Partner at Octopus Ventures, says, “Flock has a vision that can make the world safer not just for today’s vehicles but for the connected and autonomous vehicles of tomorrow. That vision of changing the world for the better is one we share at Octopus Ventures.”
“That and the brilliant opportunity that Ed, Antton and their team are seizing are why we’re backing Flock to become a category-defining company in the fleet insurance space,” adds Ferguson.
Capital utilisation
Ed Leon Klinger, CEO of Flock, says the company will use the funds to grow into new segments of the commercial motor industry as well as new geographical areas.
In the upcoming years, the company will also double down on its data-driven strategy for risk quantification and dynamic pricing, grow its data science and engineering teams, and more than double the size of its UK team.
Connected insurance for commercial fleets
Founded in 2015 by Ed Leon Klinger and Antton Pena, Flock is a fully digital fleet insurance company with an aim to make the world quantifiably safer. It offers connected vehicle fleets with insurance that proactively enables and incentivises safer driving.
Flock uses data from millions of travelling kilometres, environmental factors, accidents, and criminal statistics to precisely forecast, assess, and lower car risks.
It works with more than 600 commercial fleet customers, including Jaguar Land Rover, Europe’s electric car subscription company Onto, and a third of the UK’s independent Amazon fleets.
In addition to being commercially successful, Flock’s telematics-based real-time strategy to fleet insurance has proven its ability to make roads safer. The startup has decreased its customers’ crash frequency by 10 per cent by using telematics data to spot high-risk vehicles and paths and to assist customers in understanding risk.
Klinger says, “At Flock, we believe that insurers should help customers save time, money, and even lives. With our radically different insurance model, enabled by an immense amount of data, we hope to actively reduce the number of people needlessly killed or injured on the road.”
“The best possible claim experience is no claim at all. We want to help our fleet customers predict and prevent crashes – before they even take place,” adds Klinger.
Flock claims to have grown revenues by more than 30x since its Series A funding in 2021.
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