Insurtech Urban Jungle has announced it gained a further £1.6m of investment in its second major funding round of the year.
The group, which was founded in 2016, raised the funds from new and existing investors following a period of “rapid growth and industry recognition”.
The company initially raised £2.5m in March, which allowed the business to implement flexible working and continue to grow its customer base throughout the ensuing pandemic.
The company’s plans for further growth are being supported by entrepreneurs and investors, including former Prudential CEO Rob Devey, Octopus Group CEO Simon Rogerson and Funding Circle co-founder James Meekings.
The latest funding round brings the total raised to £7.8m and comes following a period of growth for the tech start-up, which now has over 25,000 customers and 23 staff, and is growing at over 20% per month.
CEO Jimmy Williams said: “We wanted to raise more in the spring but, with lockdown restrictions pending, we had to close the round early. However, since then, the business has performed incredibly well and we are seeing opportunities for new products and new markets.
“2020 has been a really tough year for everyone, but we’re lucky that people always need insurance, especially when times are tough, and even more customers are looking for a value focused provider like us.”
He added: “Lockdown changed the insurance market in many ways. For us, there are more people working from home and investing in expensive laptops which they want to cover. There’s also been a big rise in bike ownership and these are treasured items that people want to protect.
“We’ll be hiring more people in the coming months, investing heavily in marketing and giving the traditional market some serious competition. The insurance sector has been calling for a newcomer to disrupt it for some time and we’re doing just that.”