Chamath Palihapitiya Supports UK Insurance Startup Flock

Venture capitalist Chamas Paris Hapitiya.

Mark Cowes Larich / Bloomberg via Getty Images

London — June 3, Chamas Paris Hapitiya, one of the hottest days in London so far Facebook Executives turned to tech investors and had lunch on the rooftop of The Ned Hotel with Ed Klinger and Antton Pena, co-founders of insurance startup Flock.

Young entrepreneurs seemed to remain calm that day as Palihapitiya invested $ 10.6 million in its Series A round through venture capital firm Social Capital. Other investors have invested about $ 6 million in private valuations.

Founded in 2015, Flock began by providing insurance to commercial drone operators such as: NetflixHealth care services operated by the BBC, and the United Kingdom National Health Service. The company’s “real-time risk engine” allows customers to be billed on a flight-by-flight basis instead of asking them to take out annual insurance as many traditional insurance companies do. In July 2020, we launched the same product for companies in the automotive sector.

“This is our fastest-growing industry,” Flock CEO Klinger told CNBC, and his start-ups were “clunky and slow” 160 billion, dominated by traditional insurance. He added that he wants to disrupt the dollar commercial car insurance market.Company like Aviva And direct line.

“We have basically built a technology that allows us to set insurance prices per second and per meter,” he said. “All trips are priced independently.”

Flock’s “usage-based” products are designed to use driving data from telematic devices in cars, vans and trucks to determine how much to charge customers.

It wants to sign up for a company with thousands of courier like Amazon Not only as a customer Uber.. Self-driving rental companies such as Virtuo and Jaguar Land Rover’s The Out are already registered as customers.

Social capital is already supporting many car and drone start-ups.

“We are building the core of the financial infrastructure that enables these companies to succeed, mitigate risk and ultimately save lives,” Klinger said.

“The herd is bridging the gap between today’s insurance industry and tomorrow’s transportation reality,” Paris Hapitiya said in a statement.

“By using real-time data to truly understand vehicle risk, Flock meets the demands of a rapidly evolving hyper-connected world. Flock unlocks and enables a truly autonomous world. And even the potential to save lives. I’m excited to be part of their journey. “

Correction: This story has been updated to correct the name of Ed Klinger.

Chamath Palihapitiya Supports UK Insurance Startup Flock

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