EQT Growth leads $350m series-D for pet insurer Bought By Many

Existing investors Octopus Ventures and Munich Re Ventures also took part in the round. According to Crunchbase, the latest round brings the total funding the company has raised to $483m (£340m). 

The London-based company will use the proceeds to accelerate its growth and further expand into the US, where it started operations in March this year. Since 2019, it has also been operating in Sweden under the name of ManyPets.

The pet insurance industry has benefited from tailwinds such as growing pet ownership and higher spending on pet care, but penetration remains low in markets such as the UK and US, at around 25% and 2% respectively, EQT Growth partner Carolina Brochado said in a statement.

Following the investment, Brochado will join the company's board.

Previous funding
In 2016, Bought By Many raised $9.5m in a series-A funding round led by Octopus Ventures and Munich Re.

Two years later, the company raised £15m in series-B funding in a round led by CommerzVentures, with insurance company Marsh joining existing investors Octopus Ventures, Munich Re and other angel investors. 

In May 2020, FTV Capital led an £80m series-C round for Bought By Many, with CommerzVentures, Octopus and Munich Re also taking part. 

Company
Founded in 2012 and based in London, Bought By Many is a digital-first provider of pet insurance.

People
Bought By Many - Steven Mendel (CEO, co-founder).
EQT Growth - Carolina Brochado (partner).

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• Topics
• Expansion
• UK / Ireland
• Consumer
• EQT
• United Kingdom
• Venture