U.K. insurtech Bought By Many Ltd. raised £15 million in a series B funding round, Intelligent Insurer reported.

The company will use the fund to develop new products and launch in new areas in the coming year.

The round was led by Commerzbank AG's corporate venture capital arm, CommerzVentures GmbH, with the participation of Marsh & McLennan Cos. Inc. Follow-on investment came from Munich Re/HSB Ventures, Octopus Ventures Ltd. as well as angel investors such as Evelyn Bourke and Crispin Odey.

Bought By Many offers products such as pet insurance as well as travel insurance for people with medical conditions.