Urban Jungle, a leading London-based insurtech startup, has announced a significant milestone with a follow-on investment of £11.2 million from its existing backers.
The digital insurance provider specializes in offering tailored plans to homeowners and renters, boasting an impressive customer base of over 200,000 individuals across the UK.
Utilizing cutting-edge AI technology for fraud detection, Urban Jungle aims to minimize costs for its customers by effectively mitigating the risk of fraudulent claims. This strategic approach underscores the company’s commitment to delivering fair and sustainable insurance solutions in today’s digital landscape.
Co-founder and CEO Jimmy Williams expressed gratitude for the continued support from investors, emphasizing Urban Jungle’s mission to leverage technology for the betterment of insurance practices. Williams highlighted the company’s ability to differentiate itself by identifying and combating fraudulent activities, thereby ensuring genuine customers receive optimal coverage.
Established in 2017, Urban Jungle has experienced remarkable growth, expanding its team to comprise 70 dedicated professionals. The recent follow-on investment was led by existing investors including Ingka Investments, a subsidiary of Ikea’s parent company, alongside Intact Ventures, Mundi Ventures, Eka Ventures, and the Sony Innovation Fund.
Antonio Avitabile, managing director for the EMEA region at the Sony Ventures, expressed enthusiasm for supporting Urban Jungle’s vision of democratizing insurance accessibility. The investment aligns with Sony Ventures’ commitment to fostering forward-thinking initiatives that benefit society at large.
Furthermore, the funding round received contributions from esteemed angel investors, including Prudential UK CEO Rob Devey.
This latest investment marks another significant milestone for Urban Jungle, following its successful £16.5 million Series A round in 2022. As the company continues to innovate and expand its offerings, it remains poised to reshape the insurance landscape and enhance accessibility for a broader population.
