At Octopus, we invest in small companies that want to change the world for the better. The Octopus Ventures team is built to invest in tech-focused companies in four areas we believe will have the most impact on our future: health, money, deep tech and consumer technology.
Many Pets creates unique pet insurance policies that are built for pets and loved by people. The award-winning company has transformed the way people buy pet insurance and claim for vet treatment, allowing owners to enjoy life with their furry friends without worrying about “what-ifs”.
To create their policies, Many Pets collected feedback from thousands of pet owners on social media. This has allowed them to build products that fix problems for their customers and offer features which are new to the pet insurance market. For example, Many Pets was the first insurance provider to offer cover to pets with pre-existing conditions, get money back if they don’t claim or enjoy zero excess, depending on which Many Pets policy they choose. After acquiring the UK’s leading provider of exotic animal insurance, Many Pets also offers cover for birds, mammals and reptiles.
Many Pets was launched by co-founders Steven Mendel (CEO) and Guy Farley (CTO) in 2012, with a mission to disrupt the insurance world. Their pet insurance products first hit the market in 2017 and have attracted more than 350,000 customers since. In the same year, Octopus made our first investment in the company, leading a £7.5 million investment round. Many Pets have continued to impress us since and we invested again in 2018, 2019 and early 2020.
Pets across the world
Technology is at the heart of Many Pets’ business, helping them become the first insurance provider to offer customers online, form-free claims. The company is one of the UK’s leading fintechs, having been featured on the Sunday Times Tech Track 100 in 2018, 2019 and 2020 as one of Britain’s fastest growing businesses.
Boasting a year-on-year sales increase of 150% from 2019 to 2020, Many Pets recently raised a further £78 million from investors including Octopus and FTV Capital. Following a successful launch in Sweden in 2019, the company plans to use the cash to boost international growth in 2021. They’re also going after a bigger share of the market in the UK and are planning to further develop their product experience.
In a recent article for Private Equity Wire, co-founder and CEO Steven Mendel explained, “This investment gives us the opportunity to look ahead, create more jobs and provide the insurance pet owners care about for years to come. We will continue to invest in our people and products as we become visible to millions more pet owners. We’re excited to grow into new markets in need of high-quality pet insurance.”
Trusted by many
Many Pets’ focus on providing easy to understand information and exceptional customer service has gained them lots of happy customers. They’ve received thousands of five-star reviews from their customers, and even have a section on their website dedicated to testimonials. A quick read through highlights the business’s friendly customer service, easy-to-use website, and efficient products that work the way customers expect. One pet owner writes, “Fantastic. Unbelievably fantastic, I recommend it to every pet owner I meet. Thank you for making worrying times stress free.”
The company’s popularity is backed up by an impressive host of achievements, too. Many Pets was voted “Best Pet Insurance Provider” at the 2020 Insurance Choice Awards and won the Feefo Platinum Service Award in 2019. They’re also ranked as one of the best pet insurers by Which?
Customers don’t just love Many Pets for their award-winning insurance policies. The company was the first insurer to offer customers free and unlimited access to FirstVet, a video calling app which connects pet owners with registered vets. Throughout the pandemic, this service has been crucial to thousands of pet owners who couldn’t travel to regular vet appointments because of lockdown restrictions, allowing them to speak to vets from the comfort of their own home instead.
With a talented and driven team, an industry-changing idea and sales figures to back it up, Octopus is pleased to have invested multiple times in Many Pets. Octopus Ventures Partner Malcolm Ferguson told us, “Many Pets’ 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. We’re very excited to support their growth in the coming years.”
Many Pets is a great example of the tech-focused companies we back. Find out more about Octopus, our investments and what we do.
