Osborne Clarke advises Flock on £12m fundraise led by Social Capital
Lawyers at Osborne Clarke in Bristol have advised Flock, a London-based start-up pioneering the use of real-time data in insurance, on its £12m Series A funding – marking a major milestone in building a global, fully digital insurance company for connected and autonomous vehicles.
The funding round was led by Social Capital, a leading Californian investment firm run by Chamath Palihapitiya, renowned tech investor, chairman of Virgin Galactic, and an early backer of Slack, Tesla, and Bitcoin. Flock’s existing investors Anthemis and Dig Ventures also participated. This round brings Flock’s total funding to almost £16 million.
Flock was advised by Osborne Clarke’s market leading venture capital team, led by Bristol-based associate director James Taylor with support from associate Adam Turner (corporate), legal director Clare Burman and associate John Roberts (financial institutions group), and partner Michael Carter and associate Natalie Paddock (incentives). The team also previously advised Flock on its £2.25 million global seed funding round in 2018.
Flock provides usage-based insurance for fleets of commercial vehicles, including drones, cars, and vans.
It launched the world’s first ‘pay as you fly’ drone insurance app in 2018. Flock grew its drone book to include more than 35 per cent of the UK commercial drone market, currently insuring thousands of commercial drone operators globally, including pilots flying for the BBC, Netflix, and medical delivery flights for the NHS. Last year the business expanded into the rapidly evolving world of commercial motor fleets, launching the world’s first real-time insurance product for car rental platforms, courier companies, and corporate fleets.