Fleet specialist Flock secures $38m in funding

According to Flock’s CEO, Ed Leon Klinger, the funding round will allow the company to expand into new segments of the commercial motor industry, as well as new geographical locations.

The insurtech will be “doubling down” on its data-driven approach to risk quantification and dynamic pricing.

The business plans to significantly increase the size of the data science and engineering teams, and to more than double the size of the UK team in the coming years.

The insurtech provides a telematics-based approach for real-time commercial fleet insurance for car rental platforms, courier companies and corporate fleets, which can be sold through brokers.

Commercial fleet customers

Flock works with 600 commercial fleet customers, including Jaguar Land Rover and a third of the UK’s independent Amazon fleets.

Klinger commented: “At Flock, we believe 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.

Ed Leon Klinger

“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.”

Investors

Octopus Ventures is not the only investor in the funding round. It is joined by CommerzVentures, as well as all existing institutional investors, including Social Capital, Dig Ventures, Anthemis and Foresight Ventures.

Malcolm Ferguson, partner at Octopus Ventures, said: “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.”

Previous products

Flock expanded into commercial motor fleet cover in 2020, having previously sold usage-based drone insurance. In the past, it was a scheme’s provider for the British Insurance Brokers’ Association.

In 2021, the provider stated that it had decided to move into the motor fleet space, as it identified similarities in the structure of the insurance policies as well as the public liability aspects.

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