Insurtech startup Urban Jungle recently announced that it has successfully raised £11.2M in its latest funding round, bringing the total amount raised by the business to £43.3M. The funding round was led by existing investors who continue to show their support for the company.
Urban Jungle is known for utilizing AI technology to identify and eliminate insurance fraud, allowing them to offer better prices to genuine customers. With its headquarters in London, the startup currently employs 70 staff in the UK and has acquired over 200,000 customers.
The raised funds will be used to further expand Urban Jungle’s UK Home insurance business, explore new verticals, and continue hiring additional talent to support its growth.
Notable existing investors in Urban Jungle include Intact Ventures, Ingka Investments, Mundi Ventures, Eka Ventures, and Sony Innovation Fund. The company also boasts high-profile Angel investors such as former Prudential UK CEO, Rob Devey. Urban Jungle has also been recognized with B Corporation (B Corp) status and is proud to be carbon neutral.
Co-Founder and CEO, Jimmy Williams, expressed gratitude towards the investors who share the company’s vision of using technology to enhance fairness in the insurance industry in a sustainable manner. Williams emphasized the importance of their technology in combatting fraud and making insurance more accessible in today’s economy.
Antonio Avitabile, Managing Director, EMEA of Sony Ventures, commended Urban Jungle for its dedication to revolutionizing the insurance sector and making insurance more affordable for a wider audience. Avitabile expressed excitement about the future of Urban Jungle and their potential to become a leading insurance provider in the UK.
Urban Jungle’s innovative approach to insurance and commitment to societal impact continue to attract support from investors who believe in the company’s mission. The funding secured in this latest round will enable Urban Jungle to further solidify its position in the market and expand its offerings to better serve customers.
