Online insurance support platform Bought By Many has secured £15m in its Series B funding round.
The round was led by CommerzVentures, the venture arm of Commerzbank, and insurance broker Marsh. Follow-up commitments also came from Munich Re/HSB Ventures, Octopus Ventures, and angel investors including Evelyn Bourke and Crispin Odey.
As part of the transaction CommerzVentures senior investment manager Paul Morgenthaler will join Bought By Me’s board of directors.
London-based Bought By Many is an digital insurance community platform which currently has over 500,000 members. The company allows insurance holders to connect with groups of people that have similar insurance needs, negotiate deals with insurers and get discounts.
Insurance policies supported include pet, travel, vehicle, phone, gadgets and items, health, business and professional, sports and leisure, and home.
Over the fiscal year ending 31 March, the company recorded a £20m premium income, and doubled its gross written premium.
With the new equity financing, the company will look to develop new products as well as launching into new territories over the course of the year.
CommerzVentures’ Paul Morgenthaler said, “In Bought By Many, we see a company pushing the boundaries of traditional insurance. Redefining products and processes entirely from a customer perspective, Bought By Many has built a very fast-growing, enthusiastic membership base.”
This round of funding comes after Bought By Many raised £7.5m for its Series A round, which closed in Q4 2016. The previous investment was led by Octopus Ventures, with Munich RE/HSB Ventures also taking part.
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