Insurtech firm Humn secures £10.1m Series A funding round
London-based insurtech firm focusing on motor fleet insurance pricing, Humn has raised £10.1m in Series A funding led by BXR Group and Shell Ventures as well as Hambro Perks Leaders Fund and Woodside Holdings. With the investment, Humn aims to further develop its insurance data capabilities and expand the commercial functions of the business, as well as expanding into Europe next year.
Founded in 2018, Humn has rewritten traditional motor fleet insurance. Consolidating the traditionally separate categories of fleet insurance and risk management, it has built a solution that provides fleets with unparalleled transparency. Humn’s risk platform, riskOS, analyses thousands of in-vehicle and external data points, in real-time, to provide an entirely contextual assessment of driving risk and a clear basis for the pricing of Rideshur, their dynamic insurance product. Rideshur continuously adjusts the insurance premium cost based on the risk exposure at any given moment.
CEO of Humn, Mark Musson, says on the recent funding round; “This investment adds the fuel to power our scaleup phase. We have built the data moat and unique tech IP stack to fundamentally change commercial fleet insurance. Our goal now is to deliver exponential commercial growth of our MGA in the UK and select EU territories as well as advance our mission to deliver the first commercial wrapped Autonomous Vehicle insurance policy with our AV developer partners.”
Amory Poulden, Venture Principal at Shell Ventures, investor and Board Director Humn adds; “In a sector dominated by opaque and siloed offerings, Humn is rapidly establishing itself as the transparent, fair and flexible option for the modern fleet. Since our initial investment, we have been continually impressed with the whole team’s clarity of vision and speed of execution. We are excited to deepen our commitment to helping Humn become the market leader for commercial fleet insurance.”