Bought By Many said to raise £78m in funding from a private equity firm

UK-based pet insurance platform Bought By Many has reportedly closed a £78m investment from private equity firm FTV Capital.

Additional support to the round came from a number of unnamed backers, according to a report from Sky News.

In line with the deal, FTV Capital partner Mike Vostrizansky will join the Bought By Many board of directors.

Having closed the round, the company will look to hire more staff and deepen its product suite, the article claims.

Bought By Many offers a wide variety of pet insurance policies for dogs, cats parrots, rabbits, tortoises and more. It also sells business and liability insurance products for those working with animals such as taking animals to work.

There are a range of offerings available, covering up to £15,000 for issues like dental or vet bills. Pet owners can get policies for animals with pre-existing health issues, a 20% money back policy, which gives money back if no claim is made in a year, and a fixed lifetime policy.

The InsurTech previously raised £18m in its Series B round back in 2018 from investors including CommerzVentures, Marsh, Munich Re/HSB Ventures, Octopus Ventures and angel investors.

Earlier in the year, US-based Figo Pet Insurance hit a $125m valuation after it closed a $5m investment from Independence American Insurance Company.

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