Deal Represents Move To Wider Pet Health Ecosystem
The Irwin Mitchell corporate team has advised the pet health and insurtech company, Bought By Many, on its acquisition of VetBox, the monthly flea and worming home delivery service.
Led by Ben Gale (senior associate) and Christian Vale (solicitor), both from the Irwin Mitchell London office, the deal is set to enhance Bought By Many’s product portfolio beyond insurance, by tapping into the strength of VetBox in the emerging pet wellness market.
The VetBox acquisition caps a successful 2021 for Bought By Many, which saw the business expand into the US market in March under its international brand, ManyPets, and draws on investment from a $350m Series D funding round in June after the business (through its holding company Many Group) gained unicorn status with a valuation of over $2bn. The investment in Many Group represented one of the largest funding rounds in European insuretech last year.
Bought By Many was established by Steven Mendel and Guy Farley in 2012 and Irwin Mitchell have acted for Bought By Many and have assisted the business through the years, culminating in this latest transaction.
Many Group’s expansion into the US and the pet wellness space cements its status as a major player in the pet sector. The ManyPets brand was launched in Sweden in 2019 and since the move into the US, it now boasts 65% of the American market across 38 states, insuring half a million pets globally.
Prior to the acquisition, Bought By Many had already begun offering more than just insurance and were the first UK insurer to offer pet parents free, unlimited access to video calls with registered vets. By acquiring the VetBox business and its 20,000 monthly subscribers, Bought By Many now has a pet wellness offering (providing monthly flea and worming home delivery services) that has already shipped over 250,000 pet wellness boxes since March 2021.
As a pet wellness subscription business founded by Dr Will Woodley and Jack Millington in 2016, the VetBox business model has seen 1,000% monthly revenue growth over the past two years.
Expert Opinion“The rise of insuretech has been a game changer that has seen businesses like Bought By Many flourish, while VetBox has also shown what can be achieved in a short space of time with the right business model. It has been a pleasure to support Bought By Many on a deal that will see both businesses join forces and undoubtedly prosper in a quickly growing global pet insurance and wellness market.” Ben Gale - Senior Associate Solicitor
Expert Opinion“The acquisition of Vetbox further enhances Bought By Many’s strength in an increasingly growing sector. Whilst already a significant provider of pet insurance services and with household pets growing in popularity in recent years, this deal acts as a significant step to both diversify and grow the services provided in the overall household pet market.” Christian Vale - Solicitor
Steven Mendel, CEO, and co-founder of Bought By Many, said: “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 of VetBox, said: “I’m really proud of the progress that VetBox has made and I 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 offers pet owners, so it’s been a pleasure seeing this partnership grow over the past few years.”
Roger Fink and Daniella Ebrahimoff from the Bought By Many legal team commented: “We enjoyed working with Ben, Christian and the team. As always, Irwin Mitchell were helpful, user-friendly and pro-active and provided an excellent service to us.”