Bought By Many, the London-based pet insurance provider, has secured £78.4 million in growth equity investment from US firm FTV Capital and existing investors CommerzVentures, Munich Re Ventures and Octopus Ventures.
The capital raise follows impressive growth for Bought By Many, which launched its suite of pet insurance policies in 2017 and now insures more than 200,000 pets. Sales of its cat and dog policies increased by more than 150% over the last year.
Bought By Many will use the investment to fuel its continued growth, driving increased market share in the UK and enabling the further development of its product and claims experience.
The pet insurance provider plans to target further international expansion, with launches into new territories, replicating its success in Sweden where it launched in late 2019 and already covers thousands of cats and dogs.
Bought By Many was the first UK pet insurance provider to offer policies covering pre-existing conditions, online claims processing, and the removal of the 14-day waiting period to claim for switchers. It also offers unique policies, including one which never increases in price and another that offers a customer their money back if they have not claimed.
Steven Mendel, chief executive officer and co-founder of Bought By Many, said: “We’re delighted to close this round with the full support of our investors. 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, said: “Bought By Many’s genuine, relentless customer-first focus truly sets them apart from their competition. Their differentiated value proposition—through breadth of product, quality of coverage, and fast and efficient claims processing—has always put customers at the center of everything they do, as evidenced by their high net promoter scores.”
“Additionally, 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.”
“The future is bright for Bought By Many and FTV Capital is proud to be a contributing partner to the company’s continued, long-term success.”
Luisa Barile, chief financial officer at Bought By Many, will become a director shortly after completion. She and Vostrizansky will join new board chair Jim Sutcliffe, who arrived in early 2020.