Born of drone tech, InsureTech Flock raises $38M Series B to nudge commercial drivers towards safety

News Summary

  • Thus safer driving is then rewarded with lower insurance premiums.Klinger, Flock’s CEO, told me on a call: “We’ve grown revenues about 30 times since the Series A. We’ve only recently launched our motor fleet product and we’ve landed about 600 commercial customers.
  • Indeed, insurance behemoths such as AIG and Allianz are likely to be as much competitors in this space today.Flock has now added to its war chest with a $38 million Series B funding, led by Octopus Ventures (via Octopus partner Malcolm Ferguson), with CommerzVentures.
  • If you tell a driver their insurance premium will go down if they drive more safely, then – it turns out – they will probably drive more safely.
  • It was a pay-as-you-fly drone insurance product that used drone data.
  • Scale that up to entire commercial fleets and the costs saving can become extremely significant.
  • Also participating were existing investors including Social Capital (led by Chamath Palihapitiya), Dig Ventures (the family office of MuleSoft founder Ross Mason), Anthemis and Foresight Ventures.
Its only human nature. If you tell a driver their insurance premium will go down if they drive more safely, then it turns out they will probably drive more safely. Scale that up to entire commerc [+3225 chars]