Pet Insurance provider Bought by Many has revealed a £78.4m growth equity investment led by American financial services firm FTV Capital.
The capital raised follows strong growth from the London-based business, which launched its pet insurance policies in 2017 and now insures more than 200,000 pets.
Sales of the company’s cat and dog policies increased by more than 150% over the past year, and thousands of owners voted it the UK’s Most Trusted Pet Insurance Provider in 2019.
The company also ranked in the top 40 of the 2018 and 2019 editions of the Sunday Times Tech Track 100 and was named one of Wired’s hottest start-ups in Europe.
Steven Mendel, CEO 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 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 company was the first UK pet insurance provider to offer policies covering pre-existing conditions, online claims processing, and the removal of the 14-day waiting period to claim for switchers. It also offers some ‘unique’ policies, including one which never increases in price and another that offers a customer money back if they have not claimed.
Bought By Many employs 154 people in UK offices across London, Haywards Heath and Birmingham, along with a team in Stockholm. In 2019, Bought By Many acquired the software development agency, Cotidia, to bolster its team of developers.