Odey-backed London insurtech startup Bought By Many has raised a £15m series B funding round

Emily Nicolle
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Bought By Many raised a £7.5m Series A last year

Billionnaire Tory donor and hedge-fund manager Crispin Odey has re-invested into London insurtech marketplace Bought By Many, which closed a £15m series B investment round today.

The round was led by Commerzventures, the corporate venture capital arm of Commerzbank, alongside new investment from global insurance broker and risk management firm Marsh.

Additional follow-on investment from existing backers included Odey, Munich Re/HSB Ventures, Octopus Ventures and angel investor Evelyn Bourke. The startup has now raised a total of £22.5m to date.

The news comes as Odey remains embroiled in a boardroom war with digital invoicing firm Tungsten. His firm, Odey Asset Management, yesterday demanded a shareholder vote to remove Tungsten's chair Nicholas Parker, as well as its chief executive and two non-executive directors.

Read more: London hedgie Crispin Odey looks to overhaul board at Tungsten

Commerzventures' Paul Morgenthaler will join Bought By Many's board as part of the deal, as it seeks to use the new funding to launch in new territories in the year ahead.

The startup recorded £20m of premium income in the financial year ending March 2018, doubling its gross written premium for the year before.

"We’re growing at speed and this latest funding round will support the development of new insurance products and technology," said Steven Mendel, CEO of Bought By Many.

"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."

The platform now employs more than 90 staff members across its sites in London and Sussex, recently welcoming John Pearson, the former Virgin Radio boss and chairman of music app Shazam, as its new chairman in March this year.

Read more: Fintech50: the hottest startups in Europe right now

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