Urban Jungle, a leading insurtech startup based in London, has announced a significant milestone with a follow-on investment of £11.2 million from its existing backers.

The digital insurance provider specializes in offering tailored plans for homeowners and renters, and boasts an impressive customer base of over 200,000 people across the UK.

Using the latest AI technology to detect fraud, Urban Jungle aims to reduce costs for its customers by effectively reducing the risk of fraudulent claims. This strategic approach underscores the company's commitment to providing fair and sustainable insurance solutions in today's digital landscape.

Co-founder and CEO Jimmy Williams thanked investors for their continued support, emphasizing Urban Jungle's mission to leverage technology to improve insurance practices. Williams highlighted the company's ability to differentiate itself by identifying and combating fraudulent activity, thereby ensuring that genuine customers receive the best coverage.

Founded in 2017, Urban Jungle has experienced remarkable growth, growing its team to 70 dedicated professionals. Recent follow-on investments were led by existing investors including Ingka Investments, a subsidiary of Ikea's parent company, Intact Ventures, Mundi Ventures, Eka Ventures, and Sony Innovation Fund.

Antonio Avitabile, Managing Director, EMEA Region at Sony Ventures, expressed his enthusiasm to support Urban Jungle's vision of democratizing access to insurance. The investment is in line with Sony Ventures' commitment to promoting forward-thinking initiatives that benefit society at large.

Additionally, the funding round received support from prestigious angel investors including Prudential UK CEO Rob Davey.

This latest investment marks another significant milestone for Urban Jungle, following its successful £16.5 million Series A round in 2022. As the company innovates and expands its offerings, it is poised to reshape the insurance landscape and expand access to a wider population.