Insurance technology startup Urban Jungle has raised £11.2 million in its latest funding round, led by existing investors.
Founded in 2017 by Jimmy Williams and Greg Smyth, the 70-strong, London-based company is changing the insurance industry by putting fairness at its core.
This round brings the total amount raised by the business to £43.3m.
“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,” said CEO Williams.
“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.”
Urban Jungle has helped over 200,000 customers to date and aims to help keep insurance affordable and accessible for its customers, whether that’s through its use of AI and machine learning to catch fraud or offering a 100% online service.
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Antonio Avitabile, managing director – EMEA of Sony Ventures, who participated in the round said: “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.”
The company has been awarded B Corporation status and claims to be carbon neutral.
Williams continued: ”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.”
Urban Jungle will use the funding to continue to rapidly scale its UK Home insurance business, add new verticals and continue to hire.