Connected car insurance startup Flock raises $17M Series A led by Chamath Palihapitiya –
Summary
The twist is that it hooks into the telematics of cars so that the vehicle only triggers insurance cover when it’s actually moving, not when it’s sitting on the lot, incapable of causing any accidents. Flock has now raised $17 million in a Series A funding led by Social Capital, the investment vehicle run by Chamath Palihapitiya, best known as a SPAC investor and chairman of Virgin Galactic. Justin Saslaw (Social Capital’s fintech partner) joins Flock’s board of directors, as does Ross Mason (founder of Dig Ventures and MuleSoft). The opportunity ahead of us is enormous.” “Flock is bridging the gap between today’s insurance industry and tomorrow’s transportation realities,” Palihapitiya said in a statement. We’re excited to be a part of their journey.” Speaking to TechCrunch over a call, Klinger outlined how the company hit a sweet spot by hooking into telematics APIs for cars, or by doing special integrations with existing providers and OEMs.
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