London-based pet insurance firm Bought By Many has raised £78.4m in growth equity funding.

The new investment was raised by FTV Capital and existing investors CommerzVentures, Munich Re Ventures and Octopus Ventures.

Bought By Many was the first UK pet insurance provider to offer online claims processing, and the removal of the 14-day waiting period to claim for switchers.

Launched in 2017, it now insures over 200,000 pets across its offices in London, Haywards Heath, Birmingham, and Stockholm. Sales of its cat and dog policies have increase by over 150% in the last year.

It will use the investment to increase its market share in the UK and enable further development of its product and claims experience.

Steven Mendel, CEO and co-founder of Bought By Many, said: “This investment gives us the opportunity to look ahead, create more jobs and provide the insurance pet owners care about for years to come.

“I am proud of the tremendous strides we have made within just three years of launching our pet insurance. We’re excited to work with FTV Capital new and existing investors who share our values, build on our success in the UK and Sweden, and grow into new markets in need of high-quality pet insurance.

“We will continue to invest in our people and products as we become visible to millions more pet owners.”

Mike Vostrizansky of FTV Capital, who will join Bought By Many’s board, added: “The company’s consumer-friendly technology and high-quality team have allowed the company to rapidly enhance its offering with market-leading features like digital vet appointments, fully digital claims, direct settlement with vets, and other easy-to-use features.”

Luisa Barile, the firm’s CFO, will become a director shortly after completion. Barile and Vostrizansky will join new board chair Jim Sutcliffe, who joined earlier this year.