London-based Urban Jungle, an insurance technology startup, announced on Tuesday that it has secured £11.2M (approximately €13M) in its latest funding round led by existing investors.
This round brings the total amount raised by the business to £43.3M (approximately €50M).
The company plans to use the funding to expand its home insurance business in the UK and beyond, as well as increase its team headcount.
Urban Jungle: Changing the insurance industry
Founded in 2017 by Jimmy Williams and Greg Smyth, Urban Jungle offers home insurance to renters and homeowners.
The company leverages cutting-edge technology to make insurance affordable and accessible for its customers, utilising AI and Machine Learning to detect fraud and providing a fully online service.
Jimmy Williams, Urban Jungle Co-Founder, and CEO, says, “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.”
He continues, “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,” he adds.
The company is committed to ethically growing its business and has been awarded B Corporation (B Corp) status, as well as being carbon neutral.
Jimmy Williams adds, ”It’s always been hugely important to us to build ethically. We’re proud to be leading our industry in the way that we care about our customers, community, and environment.”
At present, the company claims to have helped over 200,000 customers.
Urban Jungle’s 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 investor
Sony Ventures Corporation manages the Sony Innovation Fund (SIF), which invests in all stages of emerging technology companies as well as in startups solving global environmental challenges.
SIF engages with pioneering startups to help fuel the development of disruptive technologies, launch new businesses, and contribute to the environment while seeking a return on investment.
Antonio Avitabile, Managing Director – EMEA of Sony Ventures, says, “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.”
Read the orginal article: https://siliconcanals.com/news/startups/londons-urban-jungle-secures-13m/
