A London startup has raised £10.1 million to drive growth for its fleet insurance technology.

Humn, which provides dynamic motor fleet insurance pricing, aims to expand the commercial functions of its business as well as expand into Europe next year.

The Series A funding was led by BXR Group and Shell Ventures as well as Hambro Perks Leaders Fund and Woodside Holdings. 

Founded in 2018, its risk platform, riskOS, analyses thousands of in-vehicle and external data points in real-time to provide an entirely contextual assessment of driving risk and a clear basis for the pricing of Rideshur, its dynamic insurance product. 

Rideshur continuously adjusts the insurance premium cost based on the risk exposure at any given moment. 

“This investment adds the fuel to power our scaleup phase,” said CEO Mark Musson.

“We have built the data moat and unique tech IP stack to fundamentally change commercial fleet insurance. 

“Our goal now is to deliver exponential commercial growth of our MGA in the UK and select EU territories as well as advance our mission to deliver the first commercial wrapped autonomous vehicle insurance policy with our AV developer partners.”

Amory Poulden, venture principal at Shell Ventures, a board director at Humn, added: “In a sector dominated by opaque and siloed offerings, Humn is rapidly establishing itself as the transparent, fair and flexible option for the modern fleet. 

“Since our initial investment, we have been continually impressed with the whole team’s clarity of vision and speed of execution. We are excited to deepen our commitment to helping Humn become the market leader for commercial fleet insurance.”

Over the past year, Humn has secured an insurance license from the Financial Conduct Authority and insurance capacity with delegated underwriting authority. 

It is now rolling out its flexible data-driven insurance with select broker networks, distribution partners and fleets.