Urban Jungle secures $11.4 million in a Series A to make insurance affordable for everyone
The insurtech UK startup Urban Jungle that focus on leveraging technology to help young customers get access to cheaper and overall better home insurance, has raised $11.4 million in a Series A funding round. The funding came from insurtech investor Mundi Ventures and existing investor Eka Ventures as well as other undisclosed backers. This is the largest investment the company has received to date bringing the raise to a total of $22.4 million.
Founded by Jimmy Williams and Greg Smyth in 2016, Urban Jungle gathers data and uses machine learning to detect fraud and at the same time providing secure and affordable customer services designed for renters, people in the house shares and people who struggled to get insurance in the past. With more than 40.000 customers so far, the firm has doubled in size since the pandemic began.
“We’ve continued to grow strongly throughout the pandemic and that has been attractive for both new and existing investors. Our tech platform means we can grow our customer base rapidly without having to build an army of customer service agents. That said, we’ve got ambitious growth plans, so we’ll be doubling our headcount in the next 12 months to support that.” said CEO of Urban Jungle Jimmy Williams.
“Insurance companies effectively discriminate against various different groups, for example young customers, people on low incomes or people who have moved to the country recently”, added Williams. “We think you shouldn’t be charged more for things that you can’t control. Our data helps us detect very quickly when potential fraudsters are lying and, as a result, allows us to offer cover to a much broader group of customers who have proven to be honest. Yes, we’ve made insurance 100% digital, fast, flexible and affordable, but it’s our ability to help a very broad range of customers, with carefully crafted insurance products, that really makes us stand out.”
These fresh funds will more than likely be used to accelerate the company’s scale up, particularly focusing on offering new insurance products to enhance their overall costumers’ experience. “We are looking to expand quickly into several new markets and to shake up the insurance industry.” commented Williams.
Yago Montenegro, investment director at Mundi Ventures also commented about the investment to Urban Jungle. “The insurance industry is experiencing a major shift powered by new technology and innovation and it is accelerating,” said Montenegro. “Jimmy and his team go beyond what traditional and emerging competitors are doing. They are a team of scientists experimenting on the best ways to cover risks and provide insurance. We are very excited to back them as they expand their reach and range of products.”
Source: UrbanJungle “Urban Jungle Raises £8m in Funding Round”