Insurtech firm Bought By Many clinches £7.5m Series A
Funding will enable company to launch a new range of mobile-first insurance products and develop relationships with third-party insurers
Bought By Many, the search and social media insurance technology (insurtech) firm, has completed a £7.5m Series A funding round led by Octopus Ventures, with participation from Munich Re and HSB Ventures.
Launched in 2012, Bought By Many enables individuals with specific insurance needs, such as pet insurance for rare breeds or travel insurance for people with medical conditions, to get a better deal from providers by analysing over 550 million rows of data.
It has secured over 250,000 members to date and claims to be seeing year-on-year revenue growth of 100%.
The funding will support the launch of a new range of mobile-first, branded insurance products. It will also improve distribution relationships with third-party insurers in the UK and abroad.
Steven Mendel, co-founder of Bought By Many, commented: “This commercial agreement and investment marks another important milestone in our journey to transform the customer experience of insurance.
“In partnership with Munich Re, we can now create a full stack insurance proposition, satisfying the unmet customer needs revealed by both our data analytics and ongoing conversation with our 250,000 members.”
Malcolm Ferguson, of Octopus Ventures, added: “I am delighted Octopus is leading this round. Bought By Many’s innovative distribution model and technology platform, combined with their exceptional traction with customers and world-class team, puts them among the world’s leading insurtech startups.”
Insurtech was featured in our what business to start feature as one of the top 17 business ideas for 2017.