UK-based InsurTech Urban Jungle has reportedly closed its largest funding round as it looks to double its headcount.
The investment, which closed on £8m, was backed by Mundi Ventures and Eka Ventures, according to a report from Bdaily News. Of the funding, Mundi Ventures supplied £2m and Eka deployed £500,000 into the company. The remaining funds came from unnamed backers.
Urban Jungle hopes the capital infusion will enable it to double its headcount over the next 12 months.
The InsurTech company offers contents insurance to renters from as little as £5 a month. Users can quickly get an appraisal and quote within two minutes.
Urban Jungle CEO Jimmy Williams told Bdaily, “Insurance companies effectively discriminate against various different groups, for example young customers, people on low incomes and people who have moved to the country recently. We think you shouldn’t be charged more for things that you can’t control.
“Our data helps us detect very quickly when potential fraudsters are lying and, as a result, allows us to offer cover to a much broader group of customers who have proven to be honest.
“Yes, we’ve made insurance 100 per cent digital, fast, flexible and affordable, but it’s our ability to help a very broad range of customers, with carefully crafted insurance products, that really makes us stand out.â€
The InsurTech previously raised £1.6m in a funding round back in September 2020. The capital was raised as a knock-on effect from needing to close its previous funding round early due to the Covid-19 pandemic. Urban Jungle had closed a £2.5m investment in March 2020 to support with the change in the market and the uncertainty at the time.
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