Sony’s investment arm is set to inject millions of pounds into a British insurance start-up, Urban Jungle, which has already amassed over 200,000 customers. According to sources, the company will announce this week that it has secured $14.4m (£11.2m) from existing investors, including the Sony Innovation Fund.
This new funding brings Urban Jungle’s total raised capital since its launch in 2017 to just over £43m. Founded by Jimmy Williams and Greg Smyth, the company offers home insurance services and plans to use this new capital to expand into other areas. Urban Jungle prides itself on being a “fair” insurance provider, with its pricing strategy being a key factor in its success in a time when British households are facing financial challenges.
“Our technology allows us to identify and weed out fraudsters, ultimately providing genuine customers with better insurance deals, which is especially crucial in the current economic climate,” said Mr. Williams.
The start-up’s impressive list of backers includes former Prudential chief executive, Rob Devey, and Octopus Ventures boss, Simon Rogerson. With a workforce of 70 in the UK, Urban Jungle is making significant strides in the insurance industry.
Antonio Avitabile, managing director of Sony’s investment vehicle that took part in this round of funding, expressed their commitment to “redefining the insurance landscape by making insurance accessible and affordable to a wider population.” This aligns with their vision for investing in forward-thinking ventures that benefit society.
The exact valuation at which this new funding was raised remains unclear as of Monday. However, with the support of Sony and other notable investors, Urban Jungle is well-positioned to continue disrupting the insurance market and providing fair and affordable options for its customers.
