Octopus leads £7.5m round for Bought By Many

HSB Ventures, the venture arm of insurance group Munich Re, also took part in the round, alongside other existing investors.

The fresh capital will enable the business to invest in the launch of its own insurance products and undertake an international expansion strategy. It has signed an agreement with Munich Re as part of the deal, which will leverage the corporate backer’s underwriting, technology, carrier licences and regulatory permissions.

Octopus’s early-stage investor Malcolm Ferguson has taken a seat on the Bought By Many company board, according to publicly available records.

The deal marks Octopus’s second investment in 2017, following its involvement in a €10m round for Dutch healthcare platform MyTomorrows.

Company
Founded in 2012 and headquartered in London, Bought By Many is a subscription-based price comparison and aggregation platform for consumer insurance. The business negotiates discounts with insurance suppliers and allows its members to compare niche products based on specific requirements and previous purchases made by other members. Products include pet insurance for rare breeds and travel insurance for people with medical conditions.

According to a statement issued by Octopus, Bought By Many has 250,000 members. It has a headcount of 40, with additional offices in Haywards Heath, Sussex.

People
Octopus Ventures – Malcolm Ferguson (early-stage investor).
Bought By Many – Steven Mendel (co-founder, CEO).

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