Sony unit backs Urban Jungle as it raises £11.2m

Urban Jungle has raised £11.2m to scale its UK home insurance business.

The money was raised during the insurtech’s latest funding round, which was led by existing investors, including Sony Ventures.

This round brings the total amount raised by the business to £43.3m.

Jimmy Williams, Urban Jungle co-founder and chief executive, said: “We have built a great relationship with our investors, who fully back our mission of using technology to make insurance fairer and doing so in a sustainable way.”

“This funding is a testament to the hard work of the team and the continual progress we’ve made as a company to make insurance simple, quick and affordable.”

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Urban Jungle is a provider of home insurance to renters and homeowners and has over 200,000 customers.

It uses technology, such as artificial intelligence (AI) and machine learning, to help keep insurance affordable and accessible.

Antonio Avitabile, managing director of EMEA of Sony Ventures, said: “We are excited to support Urban Jungle, whose commitment to redefining the insurance landscape by making insurance accessible and affordable to a wider population aligns with our vision for forward-thinking investments that benefit society.

”We look forward to seeing and supporting what Urban Jungle does, as they expand their product offerings and their team in their journey to become one of the leading insurance businesses in the UK.”