International law firm Osborne Clarke has advised Flock, the London-based insurance technology company that uses real-time data to enable and incentivise safer driving, on a $38M series B fundraising led by Octopus Ventures, one of the largest and most active venture capital investors in Europe. The funding round also included participation from specialist fintech and insurtech VC CommerzVentures, as well as Flock's existing institutional investors Social Capital (led by Chamath Palihapitia), Dig Ventures (the family office of MuleSoft Founder Ross Mason), Anthemis, and Foresight Ventures.
The fundraising marks the latest chapter in Osborne Clarke's and Flock's long-term relationship, which spans more than five years, with Osborne Clarke previously having advised Flock on its £2.25m global seed round in 2018 and its $17m Series A round in 2021.
Flock emerged from academic research into real-time risk analysis, undertaken by founders Ed Leon Klinger and Antton Pena. The company aims to make the world a quantifiably safer place by enabling and incentivising commercial motor fleets into safer driving habits. The team launched the world’s first real-time insurance product for car rental platforms, courier companies, and corporate fleets in 2020 and Flock has rapidly become a leader in the market. Today it works with more than 600 commercial fleet customers, including Jaguar Land Rover, Europe’s largest electric car subscription company Onto, and a third of the UK’s independent Amazon fleets.
Ed Leon Klinger, Flock’s CEO comments: "We've been working extremely closely with James and the team for several years, who bring valuable insight on the key areas and trends that are core to our success. James in particular is one of the most reliable, thoughtful, and conscientious lawyers I have ever come across and an essential extended member of the Flock team."
Flock was advised by Osborne Clarke’s market leading venture capital team, led by Associate Director James Taylor with support from Senior Associate Adam Turner (Corporate), Associate Olivier Jacquelin (Corporate) and Legal Director Clare Burman (Regulatory). Partner Anika Chandra and Rhiannon Jones provided incentives advice.
Osborne Clarke's international venture capital team is a go-to practice for companies operating in tech-enabled industries. From start-up through venture financing and the growth journey beyond, whether continuing to sale, IPO or international expansion, the team has an outstanding track record advising businesses, entrepreneurs and investors that are driving innovation. Osborne Clarke's dedicated resource centre, OC Ventures, brings together experts from across our international network to deliver a holistic seamless service to clients throughout the ventures ecosystem.