UK-based pet insurance company Bought By Many has closed its Series D on $350m, putting its pre-money valuation at $2bn.
The capital was supplied by private equity firm EQT.
The InsurTech, which was founded in 2021 by CEO Steven Mendel and CTO Guy Farley, was launched with the vision to build a transparent and digital-first insurance experience. Its goal is to “make the world a better place for pet parents.”
Through its platform, users can receive instant quotes for pet insurance for cats and dogs, with up to £15,000 of lifetime vet fee cover available.
The company has had a period of strong growth. It claims to have doubled its gross written premium for three consecutive years and hit over $220m in the past 12 months. The company also launched its services in the US in 2021.
EQT Growth partner Carolina Brochado said, “Bought By Many’s digital-first approach is unrivalled in pet insurance, a market that is large and underpenetrated in most European countries and the US.
“It benefits from secular tailwinds such as the humanisation of pets and higher spend on pet care, and is also uniquely positioned to benefit as global digitalization continues to gather pace.”
The InsurTech company reportedly collected £78m in a funding round in 2020 from fellow private equity firm FTV Capital. Additional support to the round came from unnamed backers.
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