Commercial MGA Flock raises $17 million Series A
Flock Limited announced a $17 million Series A funding round led by Social Capital with participation from Anthemis and Dig Ventures. The London-based startup plans to use the investment to expand to new geographies and product lines.
Founded in 2015 and now a team of around 30 people, Flock provides insurance for fleets of commercial vehicles, including drones, cars, and vans . Its products are flexible and priced based on actual exposure to risk. Alongside insurance, the company provides free insights into how a company can reduce its own risks (for example, by highlighting its most high-risk drivers and routes). And when customers take action to increase safety measures, Flock will reward them with cheaper prices.
“Transportation is changing faster than ever, but the traditional insurance industry can’t keep up! The proliferation of electric cars, new business models such as ridesharing, and the emergence of autonomous vehicles pose huge challenges that traditional insurers just aren’t equipped for.
Modern fleets need an equally modern insurance company that moves as fast as they do. Commercial motor insurance is a $160Bn market, crying out for disruption. The opportunity ahead of us is enormous.
Everything we do is led by our mission to make the world a smarter, safer place. We strongly believe that the insurance company of the future won’t just pay claims; it will actively help its customers avoid them in the first place. That’s the future we’re building at Flock. We’re delighted that Social Capital has decided to support us, and join us for the ride.” – Ed Leon Klinger, CEO of Flock.