UK-based insurtech Humn has raised $13.73m in a Series A funding round co-led by BXR Group and Shell Ventures.

Other investors such as Hambro Perks Leaders Fund and Woodside Holdings also participated in the round.

Humn will use the funding to develop its insurance data capabilities, and expand into the European market in 2022.

The firm offers AI and data-driven motor fleet insurance.

Its platform, riskOS analyses in-vehicle and external data points to provide an assessment of driving risk and  basis for the pricing of its insurance offering, Rideshur.

Humn CEO Mark Musson said: “This investment adds the fuel to power our scaleup phase. We have built the data moat and unique tech IP stack to fundamentally change commercial fleet insurance. Our goal now is to deliver exponential commercial growth of our MGA in the UK and select EU territories as well as advance our mission to deliver the first commercial wrapped Autonomous Vehicle insurance policy with our AV developer partners.”

Humn, which was established in 2018, is licensed by the Financial Conduct Authority.

Shell Ventures venture principal Amory Poulden said: “In a sector dominated by opaque and siloed offerings, Humn is rapidly establishing itself as the transparent, fair and flexible option for the modern fleet.

“Since our initial investment, we have been continually impressed with the whole team’s clarity of vision and speed of execution.”

Last week, insurtech Zego launched a flat-rate insurance policy targeted at fleet and private hire companies in constant demand.