Bought by Many becomes a unicorn after last fundraiser | Latest news
Insurtech Bought by Many Insurtech’s latest $ 350 million Series D funding round sees the company valued at over $ 2 billion, which propels it to unicorn status.
A unicorn is a private business valued at over $ 1 billion. Acquired by Many Many’s latest funding was obtained through its holding company, Many Group, and the investment was led by European investment firm EQT Growth.
The roundtable also included the participation of investment firm Willoughby Capital, alongside existing investors FTV Capital, Octopus Ventures, CommerzVentures and Munich Re Ventures.
Following the investment, Carolina Brochado, partner of EQT Growth, will join the board of directors of Bought by Many, chaired by industry veteran Jim Sutcliffe.
The funding will support the growth of the team and create new international employment opportunities. It will also guide Many Group’s plans for further global expansion and the development of new products, which will launch later this year.
Steven Mendel, Managing Director of Many Group, said: “Our mission is to make the world a better place for pet parents. By creating unique policies, dramatically improving the customer experience, and working closely with veterinarians, we’ve made pets healthier and living longer and happier lives with their owners.
“We have taken several exciting steps over the past four years, including our expansion into Sweden and the United States, but more importantly, we have earned the trust of hundreds of thousands of satisfied customers.
“With the support of EQT Growth and existing investors, we are now poised to reach millions of additional pet parents, as we continue to develop an enhanced pet health offering that supports all Angles. “
To support the growth of insurtech, Many Group has doubled its team over the past year entirely remotely – it now employs more than 265 people, which it hopes to double again in the next 12 months.
Carolina Brochado, Partner at EQT Growth, said: “The Purchased By Many digital approach is unmatched in pet insurance, a large and under-penetrated market in most European countries and the United States. .
“It benefits from the global trend towards the humanization of pets and increased spending on pet care and is also uniquely positioned to benefit as global digitization continues to accelerate.
“In less than five years, Steven and his team have made Bought by Many the leader in insurtech in the UK and we are delighted to be working with the company to further accelerate its growth and continue to improve the lives of animals. of company.
Bought By Many operates under the ManyPets brand in Sweden and the United States. It has three offices in the UK as well as teams in Stockholm, Atlanta and New York.
Insurtech entered the Swedish market in 2019 and began a deployment in the United States in March 2021, offering a subscription model with access to both pet health insurance and wellness packages. be for pets.
Many Group now insures nearly half a million pets worldwide and has doubled its gross written premium (GWP) for three consecutive years to over $ 220 million in the past 12 months.
Bought By Many claims to be the first in the UK to offer customers free unlimited access to video calls with recorded vets – a lifeline for many pet parents throughout the lockdown.
It offers a fully digital insurance process that underpins its global offer; insurtech uses a policy administration system driven by a custom application programming interface, allowing it to evolve and launch new insurance products in eight days.