The financing will help the insurtech grow internationally
Insurtech Bought by Many has announced a growth equity investment of £78.4m led by US financial services equity firm FTV Capital amid plans for further international expansion.
The insurtech said equity financing will fuel Bought by Many’s continued growth, driving increased market share in the UK and enabling the further evolution of its products and claims experience.
Meanwhile sales of the insurtech’s cat and dog policies have increased by more than 150% over the last year.
Steven Mendel, chief executive and co-founder of Bought by Many, said: “We’re 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.
“I am proud of the tremendous strides we have made within just three years of launching our pet insurance. We’re excited to work with FTV Capital new and existing investors who share our values, build on our success in the UK and Sweden, and grow into new markets in need of high-quality pet insurance. We will continue to invest in our people and products as we become visible to millions more pet owners.”
The insurtech’s plans to target further international expansion as it launches in new territories, following its launch in Sweden in late 2019.
FTV will continue to support Bought by Many, and Mike Vostrizansky at FTV Capital will join the company’s board as part of the deal.
He said: “Bought by Many’s genuine, relentless customer-first focus truly sets them apart from their competition. Their differentiated value proposition – through breadth of product, quality of coverage, and fast and efficient claims processing – has always put customers at the center of everything they do, as evidenced by their high net promoter scores.
“Additionally, the company’s consumer-friendly technology and high-quality team have allowed the company to rapidly enhance its offering with market-leading features like digital vet appointments, fully digital claims, direct settlement with vets, and other easy-to-use features. The future is bright for Bought By Many and FTV Capital is proud to be a contributing partner to the company’s continued, long-term success.”
Meanwhile, Luisa Barile, Bought By Many’s chief financial officer, will become a director shortly after completion of the transaction .
Both join new board chair Jim Sutcliffe who joined in early 2020.
It’s existing shareholders CommerzVentures, Munich Re Ventures, and Octopus Ventures have also invested in the funding round.
Brad Bernstein, managing partner of FTV Capital, added: “FTV is very impressed by the strong growth and product traction of Bought By Many in the UK and Sweden. Our growth equity investment in the company is a reflection of our enthusiasm for Bought By Many’s excellent market potential and the strength of the leadership team.
“The close of this significant growth equity investment marks a new chapter for Bought By Many, and we are excited to be a part of the company’s journey and continued success. We see further potential for growth and expansion, and we look forward to working alongside leadership to hit many more milestones in the future.”