U.K. startup Flock has successfully raised $38 million in Series B funding to expand its telematics-based insurance solutions for commercial fleets.

Information on the Target

Flock is an innovative U.K. startup founded in 2018 that initially focused on pay-as-you-fly drone insurance, leveraging real-time data to improve safety and reduce costs. Co-founders Ed Leon Klinger and Antton Pena transitioned their expertise from insuring drones to providing insurance solutions for commercial vehicle fleets, capitalizing on their experience in using advanced technology for risk assessment.

Currently, Flock serves over 600 commercial fleet clients, including notable names such as Jaguar Land Rover and Onto, Europe's electric car subscription service. Their telematics-driven approach enables clients to monitor and assess risk, significantly reducing collision rates and, in turn, lowering insurance premiums for safe driving practices.

Industry Overview in the U.K.

The insurance market in the U.K. is undergoing a significant transformation, especially in the realm of commercial vehicle coverage. This shift is driven by technological advancements such as telematics, which allow for real-t