That’s one of many reasons the startup – whose tagline is ‘finally, fair insurance’ – recently celebrated reaching the milestone of helping 100,000 customers get better home insurance.
“Along with transparent pricing, we use technology to make our products more affordable, while lowering operating costs and fighting fraud,” Jimmy says proudly.
“Despite all of this growth, we’ve kept up our 4.8 out of 5 rating on Trustpilot.”
House speciality
Since we announced the winners of the Startups 100 index last year, the property market has blown up like a ton of bricks.
ONS data shows that in October 2021, the average house in the UK cost £268,349. Now, in June 2022, it costs £368,814 – a 37% increase.
The resultant shockwaves for prospective buyers has created huge demand for rented accommodation – something that Urban Jungle has fed right into.
“Some of the new product launches we did last year have really taken off,” Jimmy tells Startups. “New product lines have more than tripled in the months since we featured in the Startups 100.”
The company is currently 50-strong. However, Jimmy is keen to tell us about the number of new team members the business has on boarded – not just its many new customers.
“Being featured in the Startups 100 was really exciting for us to get our name out there as a great employer that’s disrupting an outdated industry,” he says.
“As we’re growing so fast it’s important for us to keep adding bright new people to our team, and campaigns like the Startups 100 help show who we are to potential applicants.”
Bringing home the bacon
One of Urban Jungle’s most impressive feats has certainly been its recent Series A funding round.
Having doubled his company’s funding by raising £16.5 million earlier this year, we ask Jimmy: what advice do you have for other startups looking to attract external investment?
“I’d always recommend to any startups raising money that it’s important to run a proper process,” he answers.
“You need to recognise that as the CEO you’re not going to be able to do much in the business whilst you are raising funds. [Make] sure the business is set up with a clear strategy and responsibility to operate with minimal involvement from you.”
Jimmy tells us that deliberate actions are the most important way to secure investment in your startup.
“Get organised, get materials sorted, prioritise funds you like, and refine your pitch with friendly investors and other founders,” he advises.
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