Sony's Sony Innovation Fund Invests £11.2m in British Insurance Start-up Urban Jungle
Sony, a Japanese conglomerate, is investing millions in British insurance start-up Urban Jungle through its innovation fund.
Urban Jungle, founded in 2017 by Jimmy Williams and Greg Smyth, offers home insurance and has over 200,000 customers.
This week, they will announce raising £11.2m from Sony and existing investors, bringing their total funding to over £43m.
Urban Jungle aims to expand with the new capital and differentiates itself as a "fair" provider in the face of cost-of-living challenges.
Mr. Williams of the tech company announced that their technology filters out fraudsters and provides better deals for genuine customers, which is crucial in the current economy.
The company has backing from Rob Devey, former Prudential CEO, and Simon Rogerson of Octopus Ventures, and employs 70 people in the UK.
Sony also participated in the funding round, with Antonio Avitabile, a managing director, expressing commitment to making insurance accessible and affordable to a wider population.
The exact valuation of the funding was not disclosed.