In its latest funding round, with the prestigious participation of investors such as Mundi Ventures and Eka Ventures, and several Angel Investors, the startup company Urban Jungle (based in London) has raised an impressive €9 million in capital, which will be used to continue scaling operations and adding new insurance products to the lineup. To date, Urban Jungle has raised a total of €18.3 million.
Created in 2016 by developers Greg Smyth and Jimmy Williams, Urban Jungle is now strong with a 30-member staff and a portfolio of approximately 40,000 clients. Predominantly operating as a managing general agent, it uses data and machine learning to detect fraud and increase access to insurance, particularly targeting a young audience.
Services offered range from insurance for renters, shared housing residents, and individuals who are often denied traditional insurance coverage. Urban Jungle covers “phones, bikes, furniture and all your stuff,” and provides for fire and smoke damage, theft and vandalism, storms and floods, accidental damage, tenant liability, household losses, public liability and alternative housing.
“Insurance companies actually discriminate against a number of different groups, for example, young clients, low-income people, or those who have recently moved to the country. We believe you shouldn’t be charging more for things you can’t control,” says CEO Williams. “Our data helps us detect very quickly when potential scammers are lying and, as a result, allows us to offer coverage to a much larger group of customers who have proven to be honest. Yes, we’ve made insurance 100% 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 sets us apart.“