International legal practice Osborne Clarke has advised Flock, a London-based startup pioneering the use of real-time data in insurance, on its £2.25M seed funding round. The round was led by Anthemis, a VC focused on Fintech and Insurtech investments. Other investors included Silicon Valley’s Plug and Play, Seed and Speed, and re-investors London VC Downing Ventures, along with a number of angel investors.
Flock will use the money raised 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. Flock Cover works by aggregating real-time data, including hyperlocal weather conditions, population density, proximity to high-risk areas (such as airports), and more. Flock’s algorithms then analyse this data to quantify the risk of any given drone flight in a matter of milliseconds. The app, which launched in the UK earlier this year, is now used by over 1,000 commercial drone pilots.
Flock were advised by Osborne Clarke's market leading venture capital team, in particular Senior Associate James Taylor and Associate Katharine Ramsay, led by Partner Simon Jones. Flock were introduced to the practice by tech products specialist, Associate Director Claire Temple, and this transaction marks the continued successful relationship with the startup.
Osborne Clarke works with a number of innovative businesses looking to explore and harness value from innovative technology, including Dronetech, Fintech and Insurtech – Flock being a great example of all three being brought together with great success.
Its venture capital team is considered a go-to practice for many fast-growing companies in the tehc, media and comms sector. The team combine extensive market knowledge and deep sector expertise to support companies throughout all stages of their development, from start-up to later stage and growth capital funding, strategic M&A and exits.
Its product regulation practice is Legal 500 ranked and helps clients navigate the world of compliance and regulation to launch, monetise and protect their tech products, both digital and physical.