UK-based InsurTech startup Urban Jungle has raised $23m in a Series A funding round led by North American venture capital investor Intact Ventures.
The round also saw participation from Ingka group.
Founded by CEO Jimmy Williams and former Google developer Greg Smyth, the London-based company aims to change the insurance industry by putting fairness and transparency at its core. This Series A round brings the total amount raised by the business to $40m.
Urban Jungle recently reached the milestone of helping over 100,000 customers get home insurance. It plans to double its customer base by the end of the year and create 100 new jobs in the UK.
Urban Jungle said it plans on using the latest technology to help keep insurance affordable for its customer, whether that is by offering 100% online services with no need to call or through its use of AI and machine learning to catch fraud.
The InsurTech will use the funding to scale its UK home insurance business as well as add new markets.
Williams said, “We are building a modern insurance provider from scratch, leveraging the latest technology, and using that to create products with fair, transparent prices and easy to understand terms – all whilst making insurance simple, quick and affordable.
“Fraud is a big problem in our industry, and it drives up the cost for everyone else. The way we use technology gives us a critical edge by being able to screen out fraudsters, and help genuine customers get a much better deal, which is particularly important at the moment. It also helps us with our goal of financial inclusion – being able to tell fraudsters and genuine customers apart helps us have much higher eligibility than our peers.”
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