Flock, a London-based InsurTech focused on commercial vehicle fleets, has secured $38m in its Series B funding round.
Octopus Ventures served as the lead investor, with a commitment also coming from CommerzVentures. Existing investors Social Capital, Dig Ventures, Anthemis and Foresight Ventures also joined the round.
With the funds, Flock hopes to expand into new segments of the commercial motor industry, as well as new geographies.
In addition to this, the company is planning to double down on its data-driven approach to risk quantification and dynamic pricing. To do this, it will increase the size of its data science and engineering teams, as well as more than double its UK team.
Flock’s mission is to incentivise and enable commercial motor fleets to adopt safer driving habits. The company, which covers cars, vans and trucks, leverages millions of miles of driving data, environmental data, accident and crime data to accurately predict, price, and reduce vehicle risks.
It is the home of the world’s first real-time insurance product for car rental platforms, courier companies and corporate fleets. Safer driving is rewarded with lower insurance premiums.
It works with 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.
Flock’s services are also being used to create safer roads. Its real-time telematics data helps customers understand risk and identify high-risk drivers and routes. It claims to reduce its customers’ crash frequency by 10%.
Flock CEO Ed Leon Klinger said, “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.”
Since the company’s previous funding round in 2021, it has grown revenues by over 30-times.
Flock raised $17m for its Series A funding round in 2021. The capital was supplied by Social Capital, Anthemis and Dig Ventures.
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