Bought By Many, a London-based pet health and insurtech company, has acquired VetBox to expand its offering beyond insurance and into the pet wellness space.
The acquisition comes six months after securing unicorn status and $350m (£262m) funding in a Series D round at a valuation of $2bn (£1.5m).
Founded by vet Dr Will Woodley and marketer Jack Millington in 2016, VetBox offers a pet wellness subscription business.
The UK company provides cats and dogs with essential preventative treatments such as flea and worming, starting at £6.49 a month.
Since March 2020, VetBox has shipped over 250,000 boxes and the company says it has over 20,000 monthly subscribers in the UK.
The company’s business model has contributed to 1000% Monthly Recurring Revenue growth over the past two years.
Woodley said he founded VetBox after seeing UK pets 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,” Woodley added. “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.”
Founded by Guy Farley and Steven Mendel, Bought By Many was the first pet insurance provider in the UK to offer online claims.
The company offers cover for pre-existing conditions and free, unlimited access to video calls with registered vets.
In March 2021, the company expanded into the US under its international brand, ManyPets, in 28 states representing around 35% of the market in the US.
In 2019, ManyPets made its debut in Sweden and the group now insures half a million pets globally, says the company.
Steven Mendel, CEO, and 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.”