Urban Jungle secures £1.6m in a follow on funding round to scale its operations and expand its market reach.
The insurtech firm has raised further capital from new and existing investors to support its ongoing expansion.
Urban Jungle is an insurance technology provider that uses machine learning and digital platforms to deliver home insurance. The company focuses on fairness and accessibility for renters and homeowners.
Urban Jungle has secured £1.6m in its second major funding round of the year, bringing its total funds raised in 2020 to £4.1m. The latest investment follows a period of rapid growth for the insurtech firm, which now serves over 25,000 customers. Backing for the round comes from a group of experienced entrepreneurs and venture capitalists.
The company intends to deploy the fresh capital to expand its workforce and increase marketing expenditure as it pursues new market opportunities. Despite the economic disruption caused by the pandemic, Urban Jungle has continued to scale its operations and grow its customer base.
From the founder
"We wanted to raise more in the spring but, with lockdown restrictions pending, we had to close the round early. However, since then, the business has performed incredibly well and we are seeing opportunities for new products and new markets,"
Jimmy Williams
Co-Founder and CEO at Urban Jungle
Use of funds
- 01Grow the team
- 02Invest in sales and marketing
- 03Expand into international markets
Categories
About the company
Urban Jungle
Urban Jungle provides technology-driven home insurance products for renters and homeowners.