Flock raises $38m in Series B funding led by Octopus Ventures
Octopus Ventures led the Series B round to support expansion into new vehicle segments and international markets.
Flock provides real-time, data-driven insurance for connected and autonomous vehicle fleets.
London-based insurtech company Flock has raised $38m in a Series B funding round led by Octopus Ventures. The round included participation from CommerzVentures alongside existing backers Social Capital, Dig Ventures, Anthemis, and Foresight Ventures.
The capital will be used to expand into new commercial motor segments and international markets. Additionally, the company plans to scale its data science and engineering teams and double its UK headcount.
Originally launched as an on-demand insurer for drones, Flock has transitioned to providing telematics-based risk quantification and dynamic pricing for corporate fleets, rental platforms, and courier services. Its portfolio includes Jaguar Land Rover and Onto.
From the founder
"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."
Ed Leon Klinger
CEO at Flock
Investor perspective
"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."
Malcolm Ferguson
Partner, Octopus
Use of funds
- 01Expand into international markets
- 02Grow the team
