BoughtByMany grabs £7.5m for group-powered insurance

London-based insurtech startup BoughtByMany has raised £7.5m in a Series A round.

Octopus Ventures led the investment with Munich Re / HSB Ventures and existing backers also participating.

The company aims to offer consumers with specific needs better deals from insurers through collective buying power.

BoughtByMany will use the capital to launch early this year offering branded insurance products based on customer feedback.

It says this includes 40,000 social media comments and analysis of more than 550 million rows of search data.

The company will also use the funding to further develop it distribution relationship with third-party insurers as it attempts to leverage its membership of more than 250,000.

In addition to the investment BoughByMany will also partner with Munich Re to launch its own insurance products and aid its expansion into new territories.

The startup’s co-founder and CEO Steven Mendel 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.”

Founded in 2012 the company now employees more than 40 staff in London and Sussex.

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