UK-based pet insurance provider Bought By Many has obtained £78.4m ($97.4m) in funding from investors including reinsurer Munich Re and financial services firm Commerzbank.
FTV Capital led the round, which also featured Octopus Ventures. The two corporates invested through their respective investment subsidiaries Munich Re Ventures and CommerzVentures.
Founded in 2011, Bought By Many provides pet insurance policies offering features such as covering pre-existing conditions, lifetime price-fixing and money back if no claim is made. It also offers free access to a telemedicine service called FirstVet to its customers.
The company currently covers more than 200,000 pets and has expanded into Sweden, with the latest funding round set to drive further international growth. Mike Vostrizansky, a partner at FTV Capital, will join the board of directors.
Steven Mendel, co-founder and CEO of Bought By Many, said: “We are 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.”
Bought By Many has raised more than $132m in funding to date. CommerzVentures led a $19.8m series B round in 2018 that also included Munich Re Ventures, insurance brokerage Marsh, Octopus Ventures and assorted private investors.
Munich Re Ventures had already contributed to a $9.2m series A round in 2017 that was led by Octopus Ventures.
