Marsh joins investors in second round financing
Marsh is among investors contributing to a £15m investment in Bought By Many.
Along with Commerzbank and other follow-on investors including Munich Re, Marsh participated in a Series B funding round for the insurance technology company.
CommerzVentures’ Paul Morgenthaler is to join the board of Bought By Many, to support the company with its next stage of growth.
As well as enabling Bought By Many to develop new products, the investment will also allow it to launch in new territories in the coming year.
The investment follows Series A funding of £7.5m in October 2016, since when Bought By Many has launched insurance products including pet cover and travel insurance for people with serious medical conditions.
Bought By Many recorded £20m of premium income in the financial year ending 31 March 2018, double the GWP of the previous year, and now has over 500,000 members and 90 employees across sites in London and Haywards Heath in Sussex.
It recently appointed John Pearson, Virgin Radio co-founder and former chairman at Shazam, as chairman.
Bought By Many chief executive Steven Mendel said: “We’re growing at speed and this latest funding round will support the development of new insurance products and technology.
“I was delighted by the response to our fundraising and I look forward to working with CommerzVentures and Marsh. And it is gratifying that so many existing investors continue to believe in our vision and have decided to follow on.”
CommerzVentures senior investment manager Morgenthaler 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.”
John Drzik, president, global risk & digital at Marsh, commented: “Marsh’s digital strategy includes collaborating with insurtech firms that open new distribution channels and create innovative insurance solutions for clients. Bought By Many has a unique business model to serve and grow in the small commercial and consumer segments, and we look forward to working with them.”