Insurtech Bought By Many brings in £15m funding
European insurtech Bought By Many has closed a £15 million Series B funding round, led by CommerzVentures, the corporate venture capital arm of Germany’s Commerzbank.
Insurance broking and risk management firm Marsh, also participated, alongside existing Bought By Many backers, including Munich Re/HSB Ventures, Octopus Ventures, and angel investors such as Evelyn Bourke and Crispin Odey.
CommerzVentures’ Paul Morgenthaler joins the board of Bought By Many, to support the company develop new products and launch in new territories “in the coming year”.
This investment follows Series A funding of £7.5 million in October 2016, which saw the firm launching new insurance products, like pet and travel insurance.
Steven Mendel, CEO of Bought By Many, comments: “We’re growing at speed and this latest funding round will support the development of new insurance products and technology.”
The company has a net promoter score (NPS) of 77 for the year to date, compared to the 2017 pet insurance industry average of 14.
Bought By Many recorded £20 million of premium income in the financial year ending 31 March 2018, double the gross written premium of the previous year. The firm now has over 500,000 members and 90 employees across London and Sussex.
According to the firm, this news is a testimony to the ongoing strength of the insurtech sector, which saw record investment of $2.3 billion in 2017, according to CB Insights data.
