London-based Flock has raised $38 million in a Series B funding round led by Octopus Ventures with CommerzVentures, Social Capital (led by Chamath Palihapitia), Dig Ventures (the family office of MuleSoft Founder Ross Mason), Anthemis, and Foresight Ventures participating.
According to the startup, the new capital will be used to fuel the company’s expansion into new segments of the motor industry as well as new geographies, both supported by an increase in the size of its data science and engineering teams and more than doubling the size of its UK team in the coming years.
Leveraging telematics, Flock’s fleet insurance is more than just commercially successful, as according to the company their approach is helping customers understand risk and identify other high-risk drivers on the road. Safer driving equates to bottom-line savings in lower insurance premiums. According to the company, they’ve reduced their customers’ crash frequency by 10%.
"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," commented Flock CEO Ed Leon Klinger. “The best possible claim experience is no claim at all” he continued “We want to help our fleet customers predict and prevent crashes - before they even take place”.