More power to Bought By Many
London-based Bought By Many (BBM) announced it has picked up $9.14 million in a Series A round from Octopus Ventures and Munich Re/HSB Ventures, to name two. According to BBM’s LinkedIn profile, this round follows an undisclosed amount of seed round. The startup, which allows users to club together to purchase coverage they can’t easily obtain elsewhere, claims to have “250,000 members” (unlike USAA and Oscar, members need-not mean customers) for which they negotiate coverage-slash-prices for. The latter has been somewhat tricky hence the relationship with Munich Re Digital Partners, which will underwrite some of the more unique risks the company picks up. Get a taste for ‘unique’ below.
You can insure this Chinchilla.
But not this Chinchilla.
And rats are a no-no.
Bottom Line: partner #7.