EQT invests in UK pet insurer Bought By Many at $2bn valuation

EQT Growth has made an undisclosed investment in British pet insurer Bought By Many, which has raised $350m in series D round of funding.

The latest funding gives Bought By Many a pre-money valuation of $2bn.

The Swedish private equity firm said that it will support the pet insurance company to accelerate its expansion into new geographies.

EQT has experience of developing IVC Evidensia, a veterinary clinic network in Europe and Musti Group, a pet care specialist.

As per the agreement, Carolina Brochado, Partner in EQT Growth’s advisory team, will join the Bought By Many’s board.

Brochado said: “In less than five years, Steven and the team have built Bought By Many to be one of Europe’s leading insurtechs and we’re delighted to be working with the company to further accelerate its growth and continue to improve the lives of pets.”

Bought By Many, which was founded in 2012 in London by CEO Steven Mendel and CTO Guy Farley as digital insurance company, became an exclusively pet insurance company in 2017.

The insurer, which entered the US market this year, currently covers almost half a million pets globally.

In the last 12 months, it has almost doubled its gross written premium (GWP) for three consecutive years to over $220m.

Bought By Many CEO and co-founder Steven Mendel said: “With the support of EQT Growth and existing investors, we are now poised to reach millions more pet parents, as we continue to develop an enhanced pet health offering that takes care of every angle.”