UK-based InsurTech solution Urban Jungle has reportedly netted £1m in a seed round of funding.
This investment was led by former HBOS insurance CEO Rob Devey, and saw participation from a group of angel investors, Octopus, and fellow InsurTech platform BoughtByMany, according to a report by FinSMEs.
Founded in 2016, the company is an online home contents insurance provider, helping consumers to gain easy access to policies. The platform helps to cover a range of items, such as house contents, smartphones, security deposits, alternative accommodation and home emergency, among others. The company is regulated by the FCA.
With this latest injection, the company is looking to launch a range of new solutions, including offerings for house and flat shares, the article states. Capital will also be used to develop partnership relations and further support its current services, it said.
The UK FinTech sector saw a strong year for funding, and December saw a range of transactions completed. Savings chatbot Chip surpassed its crowdfunding target, after the campaign saw the company receive £1m. Delio, a white label platform for private assets also secured a £1m capital injection, with the Development Bank of Wales leading the round.
Despite a strong start to 2017, funding for InsurTech companies saw a QoQ decline in investments across the first three quarters. Not only did the level of equity decline, but so did the number of transactions.
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