Announcing our investment in Bought By Many – best-in-class digital pet insurance
Earlier this month, we at FTV Capital had the privilege to announce our investment in Bought By Many, an award-winning insurtech platform focused on the pet vertical.
The investment will fuel Bought By Many’s continued growth and success, supporting it as it increases market share in the UK and further expands internationally beyond its rapidly-growing presence in Sweden. Additionally, the investment will support further evolution of the company’s already best-in-class digital delivery and claims processing capabilities, ensuring Bought By Many’s product features are ones its customers will love — almost as much as their pets!
While I could spend hours sharing what sets Bought By Many apart, there are three key factors which underpin our excitement around making the investment:
- A large, growing, global market opportunity: Despite the uncertain environment we find ourselves in today, the market for pet spending, and specifically pet insurance, continues to grow rapidly, driven in large part to a growing trend toward the “humanization” of pets, with an ever increasing proportion of pet owners considering their four-legged friends as part of the family. Additionally, rising and more volatile veterinary costs, stemming from advancements in pet medicine and increased incidence of complex treatments, continues to make pet insurance a more valuable product to the consumer.
- A consumer-first approach, embedded in its DNA: Bought By Many was originally founded to help consumers with non-standard risks aggregate and collectively obtain insurance with both better coverage and pricing. That mentality underlies the company’s unique product suite where it offers more tailor-fit coverage, lifetime policies which do not expire, policies covering pre-existing conditions, and even money-back options if consumers do not claim — all written in a way a 7-year-old would clearly understand. Over the coming decades, rather than by frustrating consumers to minimize claims, we see insurance being ever-more defined by the quality of product and customer experience, leading to our third factor.…
- A rigorous focus on product and process improvement: This factor is really a comment on the Bought By Many team. Down to each individual, we have been immensely impressed with their dedication to delivering the best possible product to customers AND improving upon it every day. Bought By Many continues to paw at the outdated insurance “rule book” to remove complicated and confusing language creating easy-to-understand policy documents and user-friendly online forms, now offering customers a unique quote in under two minutes. Additionally, they have an industry leading claims approval rate (97%), processing over 50% digitally, and are incorporating refreshing new services like real-time, remote veterinary consultations, saving consumers both time and money. This all results in best-in-class net promoter scores (pre- and post-claim) and products customers trust and stick with, which earned Bought By Many “Most Trusted Pet Insurance Provider” honors last year.
Bought by Many is the latest in a long line of innovative companies FTV Capital has partnered with where we believe we are able to add the most value by helping the company scale through strategic investment and the provision of sales, marketing, technology, and talent management resources. This strategic support also complemented by introductions to our Global Partner Network, a group of the world’s leading enterprises and executives who have worked with FTV portfolio companies for over two decades, to shorten sales cycles and accelerate strategic partnership discussions.
Congratulations to the Bought By Many team in completing their Series C fundraise. We could not be more honored and privileged to be part of the team and we are excited for the journey ahead.
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