Bought By Many raises $98 million
UK-based pet insurance provider Bought By Many has raised ~$98 million in a round led by FTV Capital, with participation from existing investors CommerzVentures, Munich Re Ventures and Octopus Ventures.
Founded in 2012, Bought By Many began its journey as a platform where people with specific insurance needs would come together with the hopes of finding products tailored to their needs. In 2015, it surpassed 100,000 members, became directly regulated by the FCA, and acquired Brooks Braithwaite, an insurance broker for pets and pet businesses. In 2017, the company launched its own pet insurance offering after taking into account over 40,000 pieces of customer feedback about the gaps in provision available to pet owners in the UK. The company has eliminated its original offering of bringing people together with a range of insurance needs and it now focuses solely on pet insurance.
Pet policies come with different features such as unlimited free video calls with a vet through FirstVet, coverage of pre-existing conditions, 15% multi-pet discount for pets on the same policy, and policyholders can file claims online.
Bought By Many employs more than 150 people, it recently expanded from the UK to Sweden, and it covers more than 200,000 pets.
“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.” – FTV Capital partner Mike Vostrizansky.