Insurtech startup Urban Jungle has raised £11.2M in its latest funding round led by existing investors. This round brings the total amount raised by the business to £43.3M.
Urban Jungle also uses AI to screen out insurance fraud, which allows them to provide genuine customers with better prices. Based in London, the startup has 70 UK staff in the UK and has amassed over 200,000 customers.
The company will use the funding to continue to rapidly scale its UK Home insurance business, add new verticals and continue to hire.
Existing investors include Intact Ventures, Ingka Investments, Mundi Ventures, Eka Ventures, and Sony Innovation Fund. Investors also include some high profile Angel investors including former Prudential UK CEO Rob Devey.
The company has been awarded B Corporation (B Corp) status as well as being carbon neutral.
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’ve made as a company to make insurance simple, quick and affordable.”
Antonio Avitabile, Managing Director, EMEA of Sony Ventures, commented:
“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."
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