Drone insurance company Flock nets £2.25m Seed round

Flock, a ‘pay-as-you-fly’ insurance platform for drones, has secured £2.25m in its Seed funding round.

Anthemis led the investment, which also saw contributions come from Plug and Play, Seed and Speed and existing backer Downing Ventures. A selection of angel investors also took part in the seed round.

Founded in 2016, the company provides a mobile platform for on-demand insurance policies for drone pilots. The solution aggregates real-time data, such as hyperlocal weather conditions, population density, proximity to high-risk areas like airports, nearby buildings and ground hazards. Its algorithm then quantifies the risk and offers insurance premiums, through a partnership with Allianz, for as little as an hour.

Insurance products for commercial drivers start from £5 a day, and recreational pilots can take policies from £3 per day. The service launched in the UK earlier in the year and has more than 1,000 commercial drone pilots using the app.

With this new equity line, the company is looking to launch its drone insurance platform internationally, and grow its London technology team.

Flock CEO Ed Leon Klinger said, “Our thesis at Flock is that Big Data can make insurance a simple, fair, even pleasant experience. This needn’t be limited to one industry. Ultimately, we’re seeking to bridge the gap between today’s insurers and tomorrow’s technologies.”

This is the second FinTech deal led by Anthemis this month, with the firm previously leading the $7m round of data and analytics company StratiFi Technologies.

Earlier in the month, fellow drone support service provider DroneBase closed a $12m Series B funding round led by Union Square Ventures and Upfront Ventures. Its service provides insurers, real estate and media companies to connect with drone pilots to complete missions, such as inspecting property damage for an insurance claim.

Copyright © 2018 FinTech Global

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