Insurance startup Urban Jungle has closed its seed funding round on £2.5m following support from high profile angel investors.
The company was backed by former Prudential UK CEO Rob Devey, and Octopus Group CEO Simon Rogerson.
Urban Jungle recently released a new contents insurance policy which provides cover from £5 per month. On the back of the funding close, the InsurTech is looking to create more policies which help customers through various stages in their life.
UK-based Urban Jungle is a digital insurance platform which offers policies for tenant liability, home contents, shared home contents and gadgets. The platform offers pay-as-you-go insurance for various policies and provides transparent pricing.
Since the company was founded in 2016, it has established a customer base of over 15,000. The platform was designed with a focus on easy integration with other FinTech services.
Urban Jungle CEO Jimmy Williams said, “I’m immensely proud of what the team has achieved since our last funding round. We’ve ticked off everything we set out to do, and more, as well as bringing in some amazing people to lead us into the next stage. There’s still so much about the insurance industry that we want to fix, and this funding will allow us to accelerate the pace at which we do that.”
Alongside the funding, the company has made a selection of senior position hires, including former director at BBC Studios Helen Hodges, who will serve as the new director of strategy and operations. The company also appointed former Clearscore global customer acquisition head Lauren McAloo as its new head of marketing.
Last year, the InsurTech pulled in £1m in a funding round which was supported by HBOS insurance CEO Rob Devey and a number of other angels.
