Insurance tech startup Bought By Many has announced the closure of a £7.5m Series A funding round.
Led by Octopus Ventures, the round also drew support from Munich Re/ HSB Ventures and some of the startup’s existing investors.
The startup, headquartered in London and launched in 2012, uses social media and search data to offer insight-driven insurance to its customers.
Steven Mendel, co-founder and CEO of Bought By Many, 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,” added Mendel.
The funding will be used to launch a new range of insurance products.
Malcolm Ferguson of Octopus Ventures commented on why he decided to invest in the startup: “I am delighted Octopus is leading this round. Bought By Many’s innovative distribution model and technology platform, combined with their exceptional traction with customers and world-class team, puts them among the world’s leading insurtech startups.”