The funding comes from existing investors, including Sony Innovation Fund, the report said.
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.
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.
In November 2023, Urban Jungle also became the fifth insurance provider to sign up to the recently closed Amazon Insurance Store.
According to the report, the fresh capital will support Urban Jungle’s expansion into new areas. Prior to this round, the company had raised around $47 million.
“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,” Mr Williams said.
The company’s backers include Rob Devey, the former Prudential chief executive, and Simon Rogerson, the boss of Octopus Ventures
Source: Sky News
