Bought by Many raises £7.5m to invest in mobile technology
Bought by Many, an insurance broker that uses social media and search data for customer insights, has raised £7.5m in a funding round led by Munich Re and Octopus Ventures. The funds, which were also provided by HSB Ventures and other existing investors, will be used to launch a range of branded insurance products that use the Bought by Many mobile tech platform. The company also has plans to develop a distribution network through third-party insurers in the UK and further afield. In addition, Bought by Many agreed a long-term insurance deal with Munich Re's Digital Partners subsidiary.

The broker also signed a long-term insurance agreement with the Munich Re Digital Partners business unit.

Insurance broker Bought by Many has raised £7.5m in funding in a round led by Octopus Ventures and Munich Re, it has been announced.

HSB Ventures and current Bought by Many investors also participated.

Founded in 2012, Bought by Many uses social media and search data to offer "insight-driven" insurance to customers.

It said the investment would be used to help launch a new range of Bought By Many branded insurance products, which will leverage its mobile technology platform.



It also said the