Humn secures funding from Shell Ventures to accelerate expansion
London, UK January 11th – The London insurtech rewriting motor fleet insurance secures funding from Shell Ventures to drive growth.
Humn is delighted to announce an additional investment from Shell Ventures and existing investor Marbruck Investments. This funding will accelerate Humn’s domestic and international roll-out as they grow their presence as the leading innovator of fleet insurance in Europe.
Founded in 2018, Humn has built a solution that consolidates the traditionally separate categories of fleet insurance and risk management to solve an overriding customer requirement for more transparent fleet insurance. Their risk platform analyses over 500 ‘in vehicle’ and external data points to provide an entirely contextual assessment of driver performance and a clear basis for the pricing of their dynamic insurance.
Over the last year, Humn has secured an insurance licence from the Financial Conduct Authority and insurance capacity with delegated underwriting authority. Humn is now rolling out their flexible data-driven insurance, Rideshur, with select broker networks, distribution partners and fleets.
”Partnering with Shell Ventures brings not only fresh capital, but also an investor with a thriving global connected fleet business and expertise to share. We are looking forward to working with Shell and bringing our class-leading motor fleet insurance product with explainable exposure-based pricing to an even wider audience” said Mark Musson, CEO and Founder of Humn.
Humn is a UK based insurtech company founded in 2018. Humn is fully regulated as a Managing General Agent by the FCA. Humn launched its first product called Rideshur in December 2020. Rideshur is a category consolidator delivering a first of its kind vertically integrated risk management and insurance solution for commercial motor that provides fleets with real-time risk management insights and insurance pricing now live in the UK. To date, Humn has helped its customers by reducing their claims cost by 24%, accident frequency by 65% and insurance premium by 10%. The company has raised £7m+ in venture funding to date from distinguished investors including Shell Ventures, Marbruck Investments, BXR Advisory Partners and Insurtech Gateway. Since inception Humn has gained external recognition through leading insurtech awards including Insurtech 100 2020, Red Herring – Europe Top 100 Winner 2020, Startup Grind: Silicon Valley: 2020 Alumnus as well as being part of 3 Plug and Play InsurTech cohorts in 2020 (Munich, Singapore and San Francisco).
About Shell Ventures
Shell Ventures is the corporate venture capital arm of Royal Dutch Shell plc (“Shell”). With major offices in Europe, the USA, India and China, Shell Ventures invests in innovative technology companies, business models and growth plays that have the potential to accelerate the mobility and power transformation. Continuing Shell’s tradition in venture capital since 1996, Shell Ventures focuses on investments within mobility solutions (including consumer and fleet solutions, e-mobility, connected mobility), renewable power systems, new fuels for transport, resource technologies, and digital innovations. Shell Ventures co-invests with other corporate investors and venture capital funds and will invest in both early stage and late stage (growth capital) companies. For more information, visit www.shell.com/shell-ventures