Member Article

Insurtech startup closes eight-figure Series A led by Octopus Ventures

An insurance technology startup which utilises social media and search data to offer insurance policies for more unusual requirements has closed a significant new investment round to support overseas expansion.

London’s Bought By Many has raised a £7.5m Series A round led by Octopus Ventures with contribution from German insurance group Munich Re and other follow on investors.

The insurtech startup, which was launched in 2012, utilises social media and search data analysis to provide users with insurance options for more niche and obscure requirements than those commonly provided by direct insurers and price comparison websites.

Negotiating directly with insurance companies, Bought By Many claims to offer members savings on their insurance by providing premiums targeted directly at their personal circumstances, citing examples including rare bird owners and travel insurance for people with pre-existing medical conditions.

Steven Mendel, one of the firm’s Co-founders and Chief Executive Officer, 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.”

As part of the funding, Munich Re have entered into an insurance agreement that will now mean Bought By Many can begin launching its own insurance products and support its expansion abroad.

The German insurer will provide underwriting, technology, carrier licenses, regulatory permissions, and venture capital, for the London business’ proposed product line, which it plans to launch initially in the UK before looking to other markets.

Malcolm Ferguson of Octopus Ventures, hailed Bought By Many’s ‘innovative’ model and the tech which underpins its platform.

He said: “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. The commercial agreement with Munich Re promises to super-charge this.”

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