Drone insurer Flock raises £2.25m in seed funding from global investors
On-demand drone insurer Flock has managed to raise over £2.25m in seed funding.
The London-based startup achieved the funding via a range of global investors who will now have an equity stake in the company.
This round of investment was led by Anthemis, a London-based investor with a focus on fintech and insurtech.
Other investors included Silicon Valley’s Plug and Play, Seed and Speed, and London VC Downing Ventures (who are re-investing having led Flock’s pre-seed round in 2016), along with a number of other investors.
Matthew Jones, director at Anthemis said: “We are very excited to be working with the team at Flock. Ed, Antton and the team are a talented group of entrepreneurs and technologists, and Flock represents a great addition to our growing portfolio of insurance-related investments.
”The team has shared an exciting long-term vision with us — we are looking forward to supporting them through this next phase of growth, and are ready to help make that vision a reality.”
Flock has said it will use the money raised in this round to launch its drone insurance platform internationally, as well as expand its London tech team.
Flock’s first product, Flock Cover, is a ‘pay-as-you-fly’ insurance application that allows drone pilots to insure their flights for as little as one hour from their smartphone.
The Flock Cover app uses real-time data, including local weather conditions, population density, proximity to high-risk areas (such as airports), and more.
Through a partnership with Allianz, Flock Cover converts this risk into an insurance premium, allowing pilots to purchase hourly insurance policies for their flights.
Over 1,000 commercial drone pilots now use Flock Cover, which launched earlier this year in the UK.
Ed Leon Klinger, Flock chief executive, said: “Our customers are now planning their flights carefully on the app, scheduling their take-off time to minimise their flight risks, and saving money as a result’.
“On the Flock Cover app, it takes less than twenty seconds to get covered. Pilots pay for insurance only when they need it, and instantly receive a fully-customised policy for their flight. It flies in the face of traditional insurance.”
Reacting to the successful round of funding, Klinger said that he “couldn’t be happier” with the syndicate of high profile investors who have invested.
He said: “The drone industry is growing exponentially, and we’re just getting started. This investment provides us with the backing and expertise we need from world-renowned investors, to meet this growth by expanding our own operations globally.”