ManyPets marks next stage of growth in the US with acquisition of Digital Edge

• Acquisition follows company's launch in the US market, and expansion to 40 states including New York, Texas and California

NEW YORK, Oct. 25, 2022 /PRNewswire/ -- Pet insurance company ManyPets Inc. today announced the acquisition of Digital Edge Insurance Company, a US-based carrier, from Munich Re Digital Partners US Holding Corporation, following regulatory approval. The acquisition comes as ManyPets continues its roll out in the US and celebrates almost two years since its launch into the US market.

ManyPets' US policies are currently solely underwritten by Accredited Surety and Casualty Company, Inc. The acquisition of Digital Edge will enable the wider ManyPets group to underwrite its own policies, giving ManyPets more flexibility in the US market as it continues its fast-paced growth. After its launch in March 2021, ManyPets is already live in 85% of the pet insurance market in the USA, with further expansion planned to reach pet parents across the states.  The ManyPets group now insures more than half a million pets globally.

In addition to its insurance policies for Accident & Illness, which cover veterinary costs stemming from illness and injury, ManyPets US offers an optional non-insurance Wellness Plan for routine and preventative care. This plan reimburses pet parents for items and services such as wellness exams, vaccinations, parasite testing and prevention, routine dental care, vitamins, supplements, and more.

The acquisition draws on the ManyPets group's $350m Series D funding round in 2021, gaining unicorn status after securing a valuation of over $2bn.

Steve Long, CEO of ManyPets US says: "Our latest investment marks the next stage of growth in the US market and provides an increased level of flexibility as we expand our footprint and evolve our proposition at speed. The growth we have achieved in just 18 months is phenomenal and testament to our model which we've seen take off in the UK and Sweden. The addition of Digital Edge's coverage will allow us to continue to deliver against our ambitious growth plans to reach more pets across the states."

Digital Edge will enable the ManyPets group to underwrite its own policies in 45 states. Following the acquisition, ManyPets will operate a multi-carrier strategy in the US, continuing to work with its existing partner, Accredited Surety and Casualty Company, Inc., to enable it to cater the entire US market.

The purchase of Digital Edge is the latest in a string of successes for ManyPets and follows the acquisition of VetBox in the UK at the latter end of 2021, best-known for its monthly flea and worming home delivery services. The purchase signifies a major extension of ManyPets' capabilities in the US.

Initially launching as Bought By Many in the UK in 2017, ManyPets expanded into Sweden in 2019, before crossing the Atlantic in 2021.

Notes to editors

USA | UK | SWEDEN

Meet ManyPets, the new name for Bought By Many. We love pets, which is why we're on a mission to make the world a better place for pets and their parents

We've helped keep half a million pets healthy and happy since 2017. Over the past few years, we've won awards for our customer service and our product continues to lead the pack. We offer pet insurance policies with a range of pet health benefits that are designed to meet the needs of pets and pet parents.

Love every moment. Love ManyPets.

SOURCE ManyPets