Funding from Shell will help Insurtech startup Humn expand into Europe
Insurtech startup and provider of real-time motor fleet insurance pricing Humn has raised £10.1m (€11.9m) in Series A funding led by BXR Group and Shell Ventures.
Other investors include Hambro Perks Leaders Fund and Woodside Holdings. With the investment, Humn aims to further develop its unique insurance data capabilities, grow the commercial functions of its business and expand into Europe in 2022.
Based in London, England, and founded in 2018, Humn has consolidated the traditionally separate categories of fleet insurance and risk management and built a risk platform, riskOS, and dynamic fleet insurance product Rideshur.
Insurance premiums calculated in realtime
Rideshur continuously adjusts the insurance premium based on the risk exposure at any given moment. Using AI (artificial intelligence), the product harnesses thousands of data points to calculate fair insurance policies in real-time.
CEO of Humn, Mark Musson, says on the recent funding round; “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.”
Image of Humn CEO, Mark Musson, courtesy of Humn