Urban Jungle, a UK-based insurance technology start-up, has secured £11.2m ($14.05m) in funding to bolster its home insurance business.
The latest funding round was led by existing Urban Jungle investors Intact Ventures, Ingka Investments, Mundi Ventures, Eka Ventures and Sony Innovation Fund.
Go deeper with GlobalData
Angel investors such as former Prudential CEO Rob Devey and Octopus CEO Simon Rogerson also joined the funding round.
The London-based company, known for providing insurance to renters and homeowners, plans to use the capital to scale up its operations, explore new verticals and continue its hiring spree.
With this round, Urban Jungle’s total funding has reached £43.3m.
The company, founded in 2017 by Jimmy Williams and Greg Smyth, has grown to a team of 70 and serves more than 200,000 customers.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataUrban Jungle leverages technology to maintain affordability and accessibility in its insurance products.
This includes the use of AI and machine learning to detect fraud, as well as offering services that are entirely online.
Urban Jungle co-founder and CEO Jimmy Williams said: “We have built a great relationship with our investors, who fully back our mission of using technology to make insurance fairer, and doing so in a sustainable way. Our technology means we can screen out fraudsters and help genuine customers get a much better deal, which is particularly important in the current economy.”
“This funding is a testament to the hard work of the team and the continual progress we have made as a company to make insurance simple, quick and affordable.”
Sony Ventures managing director of EMEA Antonio Avitabile said: “We are excited to support Urban Jungle, whose commitment to redefining the insurance landscape by making insurance accessible and affordable to a wider population aligns with our vision for forward-thinking investments that benefit society.
“We look forward to seeing and supporting what Urban Jungle does, as they expand their product offerings and their team in their journey to become one of the leading insurance businesses in the UK.”
