InsurTech听Bought by Many听has been听bolstered by 拢246 million in听Series D听funding.听
The London-headquartered company, founded in 2012, is a leader in the pet insurance market in听the UK and听Sweden,听and also听operates in the US.听
The investment, which includes backing from听EQT Growth,听will support Bought听By听Many in its accelerated expansion into new geographies.听Carolina听Brochado, Partner in EQT Growth鈥檚 advisory team, will join the firm鈥檚 board.听
It said听it has听benefitted听from secular tailwinds such as increasing听鈥榩et humanisation鈥櫶齛nd rising number of pets, while global penetration of pet insurance remains听low.听
鈥淥ur mission is to make the world a better place for 鈥榩et parents鈥�,鈥� said CEO and co-founder听Steven Mendel.听听
鈥淏y creating unique policies, dramatically improving customer experience, and working closely with vets, we have made it possible for pets to be healthier and for them to enjoy longer, happier lives with their owners.听听
鈥淲e have hit several exciting milestones over the last four years, including our expansion into Sweden and the US, but most importantly we have gained the trust of hundreds of thousands of happy customers.听听
鈥淲ith the support of EQT Growth and existing investors, we are now poised to reach millions more pet parents, as we continue to develop an enhanced pet health offering that takes care of every angle.鈥�听
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The听company has doubled gross written premium for three consecutive years to more than听$220 million in the past听12听months.听听
Carolina听Brochado, Partner in EQT Growth鈥檚 advisory team, said:听鈥淏ought听By听Many鈥檚 digital-first approach is unrivalled in pet insurance, a market that is large and underpenetrated in most European countries and the US.听听
鈥淚n less than five years, Steven and the team have built Bought听By听Many to be one of Europe鈥檚 leading听InsurTechs听and we鈥檙e delighted to be working with the听company to further accelerate its growth and continue to improve the lives of pets.鈥澨�听