UK-based pet insurance provider Bought By Many has secured $350m in series D funding from investors including reinsurance firm Munich Re, Tech.eu reported yesterday.
The round was led by investment firm EQT through its EQT Growth subsidiary, and it also featured venture capital firm Octopus Ventures, while Munich Re took part through its Munich Re Ventures vehicle. The capital was raised at a $2bn valuation pre-money.
Bought By Many was founded in 2012 as a wider ranging digital insurance provider before pivoting in 2017 to a model focusing on pet insurance. It operates under the ManyPets brand in Sweden and the United States.
The company has now received over $480m in funding altogether, Octopus Ventures having led a $9.2m series A round in 2017 that included Munich Re Ventures.
Both series A investors returned for a $19.8m series B round the following year led by financial services firm Commerzbank’s VC unit, CommerzVentures, and also backed by insurance brokerage Marsh and various individuals.
Bought By Many added $97.4m in a May 2020 series C round led by private equity firm FTV Capital that included Munich Re Ventures, CommerzVentures and Octopus Ventures.
Steven Mendel, Bought By Many’s co-founder and CEO, said: “We have hit several exciting milestones over the last four years, including our expansion into Sweden and the US, but most importantly we have gained the trust of hundreds of thousands of happy customers.
“With the support of EQT Growth and existing investors, we are now poised to reach millions more pet parents, as we continue to develop an enhanced pet health offering that takes care of every angle.”
