CommerzVentures, the venture capital arm of financial services firm Commerzbank, has led a £15m ($19.8m) series B round for UK-based insurance platform Bought By Many.
The round also featured insurance brokerage Marsh, Munich Re/HSB Ventures, which invests on behalf of reinsurer Munich Re, venture capital firm Octopus Ventures and private investors including Evelyn Bourke and Crispin Odey.
Founded in 2012, Bought By Many enables users with specific needs to form groups in order to get discounted insurance from established providers. It has also begun offering its own coverage, beginning with insurance for pets and travellers with severe medical conditions.
The company had previously raised $9.2m in a January 2017 series A round led by Octopus Ventures that included Munich Re/HSB Ventures, taking its overall funding to just over $15m according to the Financial Times.
The latest funding will be used to enhance Bought By Many’s technology and introduce additional insurance products.
Paul Morgenthaler, a senior investment manager at CommerzVentures, will join Bought By Many’s board of directors in connection with the round. He said: “In Bought By Many, we see a company pushing the boundaries of traditional insurance.
“Redefining products and processes entirely from a customer perspective, Bought By Many has built a very fast-growing, enthusiastic membership base. We are thrilled to be part of Bought By Many’s journey, as it replicates its success story in international markets and with new product lines.”