Bought By Many is one of the UK’s leading pet insurance providers, bringing a customer-centric, digital-first approach that enables better pricing and user experiences.
About Bought by Many
Founded in 2012 by CEO Steven Mendel and CTO Guy Farley and headquartered in London, UK, Bought By Many is dedicated to providing a fairer, more transparent and digital-first insurance experience. It launched exclusively into pet insurance in 2017 and now reaches millions of pet owners across Europe and the US. Today, Bought by Many has emerged as one of the leading pet insurers in Europe and covers almost half a billion pets globally, including in the US, where it launched in early 2021. Bought By Many operates under the name Many Pets in the US and Sweden.
Market trends and Drivers
The pet insurance industry has experienced tremendous growth over the past few years, driven by strong secular tailwinds such as growing pet ownership and pets increasingly being considered as core family members by their owners. Nonetheless, pet insurance penetration is low in markets such as the UK and US and as a result, while scientific advances are enabling more sophisticated veterinary treatments, many pets are unable to access improved care. Thanks to its digital-first approach and customer centric focus, Bought by Many is in prime position to continue expanding its market share.
EQT Growth will be able to leverage its global advisory network and extensive local presence in the US and all major European countries to support Bought By Many’s international expansion and accelerate its growth. Bought By Many will also benefit from EQT’s long background in the pet industry, having developed IVC Evidensia (the largest veterinary clinic network in Europe) and Musti Group (the largest pet care specialist in the Nordics, listed on Nasdaq Helsinki since 2020).
Find out more about the investment on EQT Growth’s Medium.