London-based insurtech startup Urban Jungle has raised £11.2m in a follow-on investment from its previous backers.
The digital insurance provider offers plans to homeowners and renters, claiming to have gained over 200,000 customers in the UK.
The online-only insurance provider incorporates AI technology for fraud detection. Urban Jungle said its anti-fraud software drives down the costs for customers by reducing the likelihood of fraudulent claims.
“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 co-founder and CEO Jimmy 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.”
Since it was founded in 2017, the company has grown to a team of 70 staff. The follow-on investment came from existing investors Ingka Investments, a subsidiary of Ikea’s parent company, Intact Ventures, Mundi Ventures, Eka Ventures and the Sony Innovation Fund.
“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,” said Antonio Avitabile, managing director for the EMEA region at the Sony Ventures.
Additional funding came from angel investors including Prudential UK CEO Rob Devey.
Urban Jungle previously raised £16.5m in a Series A round in 2022.