Investment values InsurTech at £1.5bn
Posted on June 1, 2021 by Jonathan Symcox
InsurTech Bought by Many has been bolstered by £246 million in Series D funding.
The London-headquartered company, founded in 2012, is a leader in the pet insurance market in the UK and Sweden, and also operates in the US.
The investment, which includes backing from EQT Growth, will support Bought By Many in its accelerated expansion into new geographies. Carolina Brochado, Partner in EQT Growth’s advisory team, will join the firm’s board.
It said it has benefitted from secular tailwinds such as increasing ‘pet humanisation’ and rising number of pets, while global penetration of pet insurance remains low.
“Our mission is to make the world a better place for ‘pet parents’,” said CEO and co-founder Steven Mendel.
“By creating unique policies, dramatically improving customer experience, and working closely with vets, we have made it possible for pets to be healthier and for them to enjoy longer, happier lives with their owners.
“We have hit several exciting milestones over the last four years, including our expansion into Sweden and the US, but most importantly we have gained the trust of hundreds of thousands of happy customers.
“With the support of EQT Growth and existing investors, we are now poised to reach millions more pet parents, as we continue to develop an enhanced pet health offering that takes care of every angle.”
The company has doubled gross written premium for three consecutive years to more than $220 million in the past 12 months.
Carolina Brochado, Partner in EQT Growth’s advisory team, said: “Bought By Many’s digital-first approach is unrivalled in pet insurance, a market that is large and underpenetrated in most European countries and the US.
“In less than five years, Steven and the team have built Bought By Many to be one of Europe’s leading InsurTechs and we’re delighted to be working with the company to further accelerate its growth and continue to improve the lives of pets.”