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London-Based Insurtech Flock Picks $17M, Gets Backing From Chairman Of Virgin Galactic

Jul 29, 2021•almost 4 years ago

Amount Raised

$17 Million

London

Description

Flock, a London-based insurtech startup that provides usage-based insurance for fleets of commercial vehicles, has raised $17 million (approx £12.2 million) funding in Series A round. This round brings Flock’s total funding to $22 million (approx £15.8 million).

Company Information

Company

Flock

Location

London, Ontario, Canada

About

Meaning, the company provides insurance to the connected vehicle on a per-second basis. Flock has the potential to help unlock and enable a truly autonomous world, and even save lives. Unlike traditional annual policies, Flock provides insurance with the help of a real-time, data-driven approach. Flock uses its proprietary risk engine, which ingests large amounts of real-time data such as vehicle sensor and location data, hyperlocal weather, traffic conditions, and accident data, to accurately quantify risks on a per-second basis. The digital products are fully flexible (bought and adjusted in minutes) and fairly priced (based on real-time risk). Offers free insightsBesides the insurance policy, Flock provides its customers with free insights to reduce their risks.

Funding Insights

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