Ordnance Survey invests in UK insurtech start-up
Britain’s national mapping service, Ordnance Survey acquired equity in a UK insurtech start-up.
Flock recently raised $17 million in funding to fuel its expansion into new geographies and product lines, having started out in 2018 by providing insurance to commercial drone operators.
The company expanded in 2020 with the launch of a real-time insurance product for car rental platforms, courier companies and corporate fleets.
Its customers in this area include Jaguar Land Rover’s The Out, and car rental platform, Elmo.
Flock joined Ordnance Survey's Geovation Accelerator Programme in 2017. Through Geovation, the Flock team accessed support such as technical skills and how location data could support its proprietary real-time risk engine.
To date, 131 start-up businesses have gone through the Ordnance Survey Geovation programme, but Flock is the first where the company has exercised a share option to acquire equity.
Paul French, chief proposition and innovation officer at Ordnance Survey, said: “We’re really excited to be an investor in Flock who are revolutionising the insurance industry and expanding into new and exciting markets, including connected and autonomous vehicles.
“Through Geovation, we assist many emerging start-ups to break into the market through our Accelerator Programme, and Flock is a testament to what success can look like, harnessing the power of local."
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