Bought By Many, the pet health and insurtech company is looking to expand its offerings beyond insurance as it acquires VetBox, the UK pet health subscription and fulfilment business. The full acquisition of the business follows an initial investment from Bought By Many in VetBox in 2020.
The acquisition of VetBox draws on investment from a $350million Series D funding round in June 2021 after the company gained unicorn status with a valuation of over $2billion through its holding company Many Group. The investment in Many Group represented one of the largest funding rounds in European insurtech in 2021.
The acquisition signifies a major step towards the extension of Bought By Many’s offering beyond insurance and into the preventative wellness space.
Founded in 2016 by veterinary surgeon, Dr Will Woodley, VetBox was created to meet the growing demand for bespoke pet care and is best-known for its monthly flea and worming home delivery services and now reaches over 20,000 monthly subscribers in the UK.
Since the start of the pandemic, VetBox saw a rise in owners looking for home care solutions to meet the pet ownership boom, and has shipped over 250,000 boxes since March 2020. The success of VetBox’s business model has contributed to 1000 per cent Monthly Recurring Revenue growth over the past two years.
VetBox’s success is rooted in its core capabilities in vet services and logistics management which enables the company to reach thousands of pet owners around the UK with quality pet care including pet supplements and pharmacy products.
The news is the latest in a string of recent successes. In March 2021, the company expanded into the US under its international brand, ManyPets, entering the thriving US pet and insurtech markets. ManyPets is now available to pet parents in 28 states, representing around 35 per cent of the market in the US. ManyPets made its debut in Sweden in 2019 and the group now insures half a million pets globally.
Steven Mendel, CEO and Founder of Bought By Many, said, “I greatly admire the business Dr Woodley and his team have built and we’re really excited to bring VetBox into the next phase of our growth. As a market leader, VetBox is a natural fit for us and have met the rising demand from owners for new ways to access pet health care head-on.
“We saw an increasing opportunity to place ourselves at the intersection of insurance, pet health care and physical experiences. By investing in like-minded businesses, we can go beyond the realms of pet insurance and step into the wider pet health ecosystem. We’re giving pet parents a rounded experience with a more holistic approach which includes access to cutting-edge vet treatment, supplements, nutritionists and behaviourists all in one place.
Dr Will Woodley, Founder of VetBox, said, “I founded VetBox after seeing that far too many UK pets were missing out on essential parasite protection. I’m really proud of the progress that VetBox has made in solving this issue in just five years and can’t wait to see what we can achieve as part of the Bought By Many family. As a vet I’ve seen first-hand the fantastic service Bought By Many offer pet owners, so it’s been a pleasure seeing this partnership grow over the past few years.”