Bought By Many is insurtech for pets.
The startup has raised $483M in VC funding to date. Their latest funding round, a $350 Series D led by EQT, was announced in June.
Their pet insurance was initially only available in the UK only. But has since expanded to Sweden, with further plans for more international expansion in the near future.
And the global pet insurance market is estimated to be worth $11.25B by 2026, with a CAGR of 8%.
The number of insured pets in the US has been growing at an annual rate of 15.8% since 2015. However, only 2.8% of dogs (and 0.6% of cats) are currently insured. Which shows that there’s still significant untapped potential in this space.
What's next:
Bought by Many is a part of the “pet health tech” meta trend.
92% of millennial pet owners care about their pet’s health as much as their own.
Which is why pet care spending is on a rapid rise, with $99 billion spent on pets in the US last year (the highest ever).
And we’re seeing a growing number of tech startups focused on pet health.
Overall, pet tech startups raised a total of $437.64M across 74 deals in the last year.
Here are a few examples of growing pet health tech startups:
Pawp: A “digital clinic for pets”. Members pay a fixed fee of $19 per month for unlimited video chats with licensed vets. The NYC-based startup raised a $13M Series A in May.
Bond Vet: Walk-in vet clinic chain. The startup differentiates itself from traditional vets with tech-focused features, like a dedicated mobile app and telehealth appointments.
KatKin: Cat food subscription DTC startup. KatKin collects information about the cat's health and diet in order to create a personalized meal box. The startup has raised $6.1M in funding, including an October 2020 seed round for $3M led by Octopus Ventures.
