Insurtech Bought By Many closes £15m Series B funding round

Insurtech Bought By Many has closed a £15m Series B funding round led by CommerzVentures, the corporate venture capital arm of Germany’s Commerzbank with participation of insurance broker Marsh.

Follow-on investment comes from existing Bought By Many backers, including Munich Re/HSB Ventures, Octopus Ventures, and angel investors such as Evelyn Bourke and Crispin Odey.

Bought By Many offers pet insurance and travel insurance for people with serious medical conditions. The company recorded £20 million of premium income in the financial year ending March 31, 2018, double the gross written premium of the previous year, and now has over 500,000 members and 70 employees across sites in London and Haywards Heath in Sussex.

Steven Mendel, CEO of Bought By Many, said: “Bought By Many is proving it’s possible to create better insurance using data and a focus on customer experience. Since we launched our unique pet insurance policies last year more than 30,000 people have bought one of our products.”

As well as enabling Bought By Many to develop new products, the new investment will also allow it to launch in new territories in the coming year. The funding round follows a Series A funding of £7.5 million in October 2016.

Paul Morgenthaler, senior investment manager at CommerzVentures, commented: “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, added: “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.”

If you enjoyed this story and have an interest in Insurtech, join us at Intelligent InsurTECH Europe 2018, the only insurtech event with dedicated streams for CXOs, Data/Analytics, and Claims. Find out more here.

More of today's news Zurich appoints new head of Oak Underwriting following takeover Insurtech Bought By Many closes £15m Series B funding round TMK unveils $100m IP facility with Aon, Lloyd’s syndicates Munich Re-backed insurtech Trov launches in the US CCRIF names ECCB governor as new chairman New MGA Hive Aero poaches class underwriter from Talbot Allianz launches €1bn share buy-back programme

Don't miss our insurtech email newsletter - sign up today