London-based insurtech Urban Jungle has announced a new funding round of approximately £11 mn. The funding comes from existing investors, including Sony Innovation Fund.
Urban Jungle is a technology startup focused on providing fair and transparent insurance solutions to renters and homeowners.
Founded in 2016 by Jimmy Williams and Greg Smyth, Urban Jungle provides renters and homeowners insurance and currently serves over 200,000 customers. The startup partners with carriers such as Covea, AXA, Ageas, L&G, LV=, RSA, Prestige, UKG, and Zurich.
Urban Jungle emphasizes fairness and aims to offer affordable and straightforward insurance by leveraging modern technologies such as AI and machine learning to detect fraud and enhance customer service.
Urban Jungle has raised funding to expand its operations. For instance, in its latest Series A funding round, the company secured £16.5 mn, which has contributed to a total funding of around £32 mn.
The company’s backers include Rob Devey, the former Prudential chief executive, and Simon Rogerson, the boss of Octopus Ventures.
This investment is being used to scale its home insurance business in the U.K. and explore new markets, while also planning to create 100 new jobs.
The insurtech covers items such as phones, laptops, furniture, and other possessions against accidental damage, theft, and loss. Starting at £5 per month, the policies are also flexible, allowing customers to pay only for the coverage they need.
The new investment will support Urban Jungle’s expansion into new areas.
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
Jimmy Williams, co-founder Urban Jungle
The company prides itself on its user-friendly platform, which provides jargon-free, flexible insurance policies with quick quoting processes and no hidden fees. Insurtech has also achieved a high customer satisfaction rating, reflecting its commitment to service quality.
“Urban Jungle’s approach to insurance, focused on fairness and technology, positions it as a progressive player in the insurance industry”, according to Sony Innovation Fund.
by Peter Sonner
