Pet insurtech ManyPets announced a net loss of £33 mn for the year ending March 31, 2024. This marks a significant improvement from the £67.5 mn loss reported the previous year.
Revenue for the period fell 16% to £29.6 mn, with written premiums declining from £257 mn to £241 mn. The UK market remained dominant, accounting for 76% of the company’s revenue.
In 2023, ManyPets restructured its operations, exiting the US and Swedish markets. The company now employs around 600 people.
“The 2023/2024 report reflects a transformational year, marked by strategic changes aimed at ensuring long-term profitability. These efforts have reduced losses significantly and positioned ManyPets competitively. Following operational improvements and market exits, the group plans to expand its share in the UK market.”
ManyPets will leave the US market to focus on operations in the UK insurance market. The company has partnered with Odie Pet Insurance to manage the transition for US customers.
Beginning January 1, 2025, Odie Pet Insurance will offer continued coverage, with renewal offers starting November 1, 2024, pending underwriting approval.
ManyPets, originally founded as Bought By Many in 2012, is a UK-based insurtech company specializing in pet insurance. The company rebranded to ManyPets in 2021 to reflect its focus on pet health and insurance services.
It offers comprehensive insurance policies for pets, including coverage for pre-existing conditions and access to unlimited video consultations with registered veterinarians. This digital-first approach streamlines the claims process, enhancing customer experience.
In June 2021, ManyPets secured a $350 mn Series D funding round, valuing the company at over $2 bn. This investment, led by EQT Growth, was among the largest insurtech investments in Europe at the time. The funds were intended to support global expansion and product development.
Expanding its international presence, ManyPets entered the Swedish market in 2019 and launched in the United States in March 2021. In October 2022, the company acquired Digital Edge Insurance Company from Munich Re Digital Partners.
This acquisition enabled ManyPets to underwrite its own policies in 45 states, providing greater flexibility in the U.S. market.