British insurtech Urban Jungle has secured £16.5m in a Series A investment round led by Intact Ventures.
Ingka Group also joined the latest funding round, taking the total money raised by the insurance start-up till date to £32m.
Established by CEO Jimmy Williams and former Google developer Greg Smyth, Urban Jungle offers property insurance to renters and homeowners.
The London-based company employs 50 people and leverages technology to enable its customers to get affordable insurance.
It plans to use the proceeds to scale its home insurance business in the UK and foray into new markets.
Urban Jungle co-founder and CEO Jimmy Williams said: “This latest Series A funding round comes at an exciting time, we’re growing very quickly which has been attractive to both existing and new investors.”
The insurer, which recently hit the milestone of amassing over 100,000 customers, intends to double its client base by the end of 2022 and create 100 new UK jobs.
It uses Artificial Intelligence (AI) and Machine Learning technologies to detect fraud.
Intact Ventures investments head Justin Smith-Lorenzetti said: “We’re thrilled to lead Urban Jungle’s Series A financing round and support the company’s mission to modernise the insurance buying journey for its customers.
“By leveraging the latest in automation as well as a digital-by-default strategy, Jimmy and Greg have built an impressive business that consumers love.”