Insurtech start-up Bought By Many raises £7.5m from Munich Re, HSB Ventures, Octopus

An insurtech start-up that uses social media and search data to offer “insight-driven insurance” to customers has secured £7.5 million of funding from companies including Munich Re, which also has a long-term insurance agreement with the firm.

Bought By Many has closed a £7.5m ($9.5m) Series A funding round. The round was led by Octopus Ventures, with Munich Re / HSB Ventures participating, as well as existing Bought By Many investors.

The funding announcement comes as the business also reveals it has signed a long-term insurance agreement with Munich Re and with its Digital Partners business unit that encompasses underwriting, technology, carrier licenses, regulatory permissions, and venture capital.

Bought By Many has developed a proposition enabling individuals with specific insurance needs to get better insurance offers from existing providers through collective buying power. Examples include pet insurance for rare breeds and travel insurance for people with medical conditions.

The investment will be used to launch, in early 2017, a new range of Bought By Many-branded insurance products that will leverage its mobile-first technology platform.

Steven Mendel, Co-founder and CEO of Bought By Many, said: “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.”

Andy Rear, CEO of Munich Re’s business unit Digital Partners added: “Digital Partners is a global venture designed to partner with the world’s leading insurtech companies. We are excited to be helping Bought By Many realise their vision of transforming the customer experience of insurance.”

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