UK pet insurer launches in the US
The business is entering the US market after doubling its gross written premium over the past year to more than $200 million. The US pet market has grown by more than 25% annually in recent years, but 98% of US pet owners do not have insurance, according to ManyPets.
“ManyPets was born in Europe, but when we looked across the pond we saw clear demand for quality pet insurance,” said Steve Mendel, co-founder and CEO of Bought By Many. “Our relentless focus on customer service and innovative insurance products is earning accolades from pet parents all around the world, from industry-leading NPS scores to consumer awards.”
Bought By Many entered the pet insurance market in 2017. In 2019, it launched in Sweden, where it is now the highest-ranked insurer for its dog insurance policies. The business now covers nearly 400,000 pets in the UK and Sweden.
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“We’ve seen how successful our approach can be, even in highly established markets like Sweden,” Mendel said. “We now want to bring our ethos and deep understanding of pet parenthood to a budding US pet insurance market. We see a huge opportunity for ManyPets to introduce pet parents to a game-changing insurance offering that’s better than they thought possible.”
Last year, Bought By Many closed one of Europe’s largest insurtech capital raises, a $97.75 million growth equity investment led by FTV Capital. The company has raised $165 million to date and has doubled its headcount over the last year. It now employs more than 230 people globally.