PriyaPatel
TLDR:
- Urban Jungle, a London-based insurance startup, is set to announce a $14.4m funding round.
- The investment comes from existing backers including Sony Innovation Fund and will fuel the company’s expansion.
Key Elements:
Urban Jungle, founded in 2016, specializes in providing renters and homeowners insurance. The company aims to be a fair provider of insurance cover, offering policies starting at just £5 per month. Urban Jungle prioritizes flexibility, enabling customers to tailor their coverage according to their specific needs. With a customer base exceeding 200,000 individuals, the company focuses on protecting various possessions against accidental damage, theft, and loss.
The $14.4m funding round, sourced from existing backers like Sony Innovation Fund, signifies a significant milestone for Urban Jungle. The investment will fuel the company’s expansion into new territories, reflecting its commitment to innovation and growth within the insurance landscape. The company had raised approximately $47m in previous investments before this financing round.
Jimmy Williams, one of the co-founders of Urban Jungle, emphasized the importance of the company’s technology in screening out fraudsters and helping genuine customers secure better deals, particularly in the current economy affected by the cost-of-living crisis.
Overall, this funding round represents a substantial step forward for Urban Jungle, positioning the company to further establish its presence in the insurance industry and continue providing accessible and customized insurance solutions to its growing customer base.
