As per the data from the Pet Food Manufacturers’ Association, during the pandemic crisis – in the UK alone – around 3.2 million households have bought a pet, taking the country’s total number of pets to more than 34 million. This pandemic pet boom has also impacted the pet insurance sector just like boom in sale for retailers like Pets at Home.
London-based Bought By Many which is a leading digital-first provider of pet insurance comes to the rescue of pets and their owners also profited from this growth and has now raised $350 million (nearly £246 million) in a Series D round led by Sweden-based investment group EQT Growth.
The investment round takes the valuation of Bought By Many to over $2 billion. Also with this, EQT has become a unique partner for the pet insurance company and Carolina Brochado, Partner in EQT Growth’s advisory team, will join company’s board to accelerate growth. The latest funding will also help the company in expansion into new geographies and will also continue to invest in product innovation.
Apart from EQT, existing investors including the UK’s Octopus Ventures and Munich Re Ventures, an arm of the German insurance group also took part in the latest funding round. Bought By Many’s main underlying insurance is provided by Great Lakes Insurance, also part of Munich Re.
Carolina Brochado, Partner in EQT Growth’s advisory team, said, “Bought By Many’s digital-first approach is unrivalled in pet insurance, a market that is large and underpenetrated in most European countries and the US. It benefits from secular tailwinds such as the humanisation of pets and higher spend on pet care, and is also uniquely positioned to benefit as global digitalization continues to gather pace. In less than five years, Steven and the team have built Bought By Many to be one of Europe’s leading insurtechs and we’re delighted to be working with the company to further accelerate its growth and continue to improve the lives of pets.”
Steven Mendel, CEO and Co-founder at Bought By Many, said, “Our mission is to make the world a better place for pet parents. By creating unique policies, dramatically improving customer experience, and working closely with vets, we have made it possible for pets to be healthier and for them to enjoy longer, happier lives with their owners. 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.”
Digital-first pet insurance
Bought By Many was founded in 2012 by Steven Mendel and Guy Farley in London. The company operates with the vision to provide a fairer, more transparent, and digital-first pet insurance experience. It launched exclusively into pet insurance in 2017 and has reached millions of pet owners across Europe and the US.
Since its launch, Bought By Many has emerged as one of the leading pet insurers in Europe and today covers almost half a million pets globally, including in the US. Notably, the company entered the US market earlier in 2021. The company has doubled gross written premium (GWP) for three consecutive years to more than $220 million in the past 12 months, thanks to its customer-centric, digital-first approach that enables better pricing and user experiences.