Insurance broking and risk management firm Marsh has invested in Bought By Many, a British insurtech startup.
Image: Marsh is a subsidiary of the New York-based Marsh & McLennan. Photo: courtesy of Americasroof (talk)/Wikipedia.org.
Marsh joined other companies in Bought By Many’s new funding round, under which the company raised a total of £15m.
The latest Series B funding round was led by CommerzVentures, the corporate venture capital arm of Commerzbank. Existing investors including Bourke, Munich Re/HSB Ventures, Crispin Odey and Evelyn, and Octopus Ventures took part in the Series B round.
Bought By Many had previously raised £7.5m in a Series A funding round in October 2016.
Bought By Many CEO Steven Mendel said: “We’re growing at speed and this latest funding round will support the development of new insurance products and technology.
“I was delighted by the response to our fundraising, and I look forward to working with CommerzVentures and Marsh. And it is gratifying that so many existing investors continue to believe in our vision and have decided to follow on.”
Founded in 2012, Bought By Many started off by forming groups for people with specific insurance needs and negotiating deals and discounts with well-known insurers. Last year, the insuretech startup launched its own unique products such as pet insurance for cat and dog owners, and also travel insurance for people with medical conditions.
Marsh global risk & digital president John Drzik said: “Marsh’s digital strategy includes collaborating with insurtech firms that open new distribution channels and create innovative insurance solutions for clients.
“Bought By Many has a unique business model to serve and grow in the small commercial and consumer segments, and we look forward to working with them.”
In another development, Marsh, through its middle market agency subsidiary Marsh & McLennan Agency (MMA), acquired Klein Agency, a surety and property/casualty agency based in Minnesota, US.
Earlier this week, MMA acquired Insurance Associates, a Maryland-based independent insurance agency, which like Klein Agency is specialized in the construction industry. Marsh did not disclose the financial terms of both the acquisitions made by its middle market agency subsidiary.