HomeFundingUK-based Flock secures over €35.9 million for its insurtech solution that encourages...

UK-based Flock secures over €35.9 million for its insurtech solution that encourages safer driving habits

UK-based insurtech Flock wants to make the world a safer place – starting with our roads. The young company has just secured over €35.9 million for its solution, boosting its expansion plans.

UK-based Flock is an insurtech startup aiming to encourage safer driving habits through data, making the world a safer place. Our world is increasingly connected and it means that our roads are increasingly full of commercial fleets, couriers and so forth. More people on the roads, with high demands to meet, can create dangerous situations – and put people’s lives at risk.

Founded in 2015, Flock’s connected fleet insurance enables and incentivises safer driving. The team has now secured new investment to expand, as the impact of its product continues to impress.

Funding details

  • About €35.9 million ($38 million) was raised in Series B funding
  • The round was led by Octopus Ventures and saw participation from CommerzVentures as well as existing backers Social Capital, Dig Ventures, Anthemis, and Foresight Ventures
  • It comes as the startup reports more than 30x growth in revenue since its 2021 Series A raise.

Developed by Ed Leon Klinger and Antton Pena, Flock has emerged from academic research into real-time risk analysis.

Ed Leon Klinger, Flock’s CEO: “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”. 

The solution provides connected vehicle fleets (cars, vans, and trucks) with insurance that proactively enables and incentivises safer driving. It leverages millions of miles of driving data, environmental data, and accident and crime data to accurately predict, price, and reduce vehicle risks. Safer driving is rewarded with lower insurance premiums.

The real-time insurance product, launched in 2020, has been tailored to car rental platforms, courier companies, and corporate fleets. Today, it works with more than 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 product helps commercial fleets pay less for their insurance, but, it is also proving to make roads that bit safer. The startup claims to have reduced its customers’ crash frequency by 10%.

With this fresh funding, the startup plans to expand into new segments of the commercial motor industry as well as new geographies. It’ll also help grow the team.

Malcolm Ferguson, Partner, Octopus Ventures: “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.”

- Advertisement -
Patricia Allen
Patricia Allen
is the Head of Content at EU-Startups. With a background in politics, Patricia has a real passion for how shared ideas across communities and cultures can bring new initiatives and innovations for the future. She spends her time bringing you the latest news and updates of startups across Europe, and curating our social media.

Most Popular