Pet health unicorn ManyPets acquires Digital Edge Insurance to cater to US market

ManyPets, a London-based pet health and insurtech company, has acquired US-based carrier Digital Edge Insurance Company from Munich Re Digital Partners US Holding to extend its capabilities in the US.

The financial terms of the deal were not disclosed.

Digital Edge Insurance acquisition follows ManyPets’ rollout in the US market and expansion to 40 states including New York, California, and Texas. It will allow the larger ManyPets group in underwriting its own policies in 45 American states.

Currently, ManyPets’ US policies are underwritten solely by Accredited Surety and Casualty Company.

With 85% of the pet insurance market share in the US, ManyPets group is now said to insure more than half a million pets worldwide.

Steve Long — ManyPets US CEO said: “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.”

Having acquired Digital Edge Insurance, ManyPets said that it will be operating a multi-carrier strategy in the US and continue to work with its current partner, Accredited Surety and Casualty Company to serve the entire US market.

ManyPets group secured a valuation of more than $2 billion after a series D funding round in 2021 that fetched $350 million.

At the end of 2021, ManyPets acquired UK-based VetBox, a flea and worming home delivery services provider.

Initially launched in 2017 as Bought By Many in the UK, ManyPets expanded into Sweden about two years later, before crossing the Atlantic last year.