London pet insurance provider Bought By Many brings home $ 350 million in bones, now valued at over $ 2 billion
London-based pet insurance provider Bought By Many raised $ 350 million in a Series D round led by EQT Growth. The tour also saw the participation of Octopus Ventures and Munich Re Ventures. With this increase, Bought By Many now has a pre-monetary valuation of over $ 2 billion.
“Bought By Many’s digital-first approach is unmatched in pet insurance, a market that is large and under-penetrated in most European countries and the United States. It benefits from secular favorable winds such as the humanization of pets and increased spending on pet care, and is also uniquely positioned to take advantage of them as global digitization continues to accelerate, ”comments Carolina Brochado of EQT. “In less than five years, Steven and the team have made Bought By Many one of the leading insurtechs in Europe,”
Founded in 2012 by Steven Mendel and Guy Farley, Bought By Many started out as a service helping consumers find better deals on niche insurance. After five years of evolution, the company switched to pet insurance in 2017, launching its own branded policies, underwritten by Great Lakes Insurance, a subsidiary of Munich Re.
Bought By Many saw a surge in business as the world closed its doors, and we were all forced to stay at home and save lives. In the UK alone, 3.2 million homemakers have decided the pandemic is the right time to get that pet they’ve always dreamed of. And with all that you love and cherish, you want to ensure its well-being, enter Bought By Many.
While pet ownership is on the rise, only 25% of pet owners in the UK and 2% of pet owners in the US have insurance policies for their loved ones, a statistic of Bought By Many is on a mission to change. Namely, by offering a variety of packages, all tailored to the financial situation of specific owners. In addition, the company learned from the markets in which it operates: from Sweden, Bought By Many understood the importance of free and unlimited veterinary video services. In the US market, the company has incorporated a wellness coverage option that accompanies traditional insurance coverage.
The Many Group operates as Bought By Many in the UK, and ManyPets in Sweden and the US, and offers a wide range of insurance products for over half a million pets in the world.
The company has doubled the gross written premium (GWP) for three consecutive years, a figure that topped $ 220 million in the past year alone.
Co-founder Steve Mendel said in a LinkedIn post: “The most frequently asked question is, ‘When is your IPO?’ My answer is clear. We have too much to do at the moment to be able to find the time for this. “