US-based pet insurance marketplace Pawlicy Advisor has received $6.5m investment in a Series A round led by Rho Capital Partners and existing investor Defy Partners.
The financing round, which takes the company’s total funding till date to $8m, was also joined by Slow Ventures.
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Pawlicy Advisor will use the proceeds from the round to accelerate the next phase of its strategic growth through platform development, team expansion, and partnerships.
It also eyes educational outreach to customers and veterinary offices.
Pawlicy Advisor co-founder and CEO Woody Mawhinney said: “We created Pawlicy Advisor to help address the rising cost of veterinary care, which is only being exacerbated by financial insecurity caused by the coronavirus pandemic.
“Of more than 20,000+ pet owners surveyed, only 19% said they would be able to cover a $5,000 medical expense out-of-pocket. Pawlicy Advisor helps them find a more affordable approach to financially care for their pets.”
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By GlobalDataThe funding round is said to build on the company’s expansive growth during the last year.
Rho Capital Partners managing partner Habib Kairouz said: “Pawlicy Advisor is innovating in a market experiencing tremendous consumer adoption and rapid product launches. The business is well positioned to become the leading authority for pet owners budgeting for their pets’ care.”
Established in 2018, Pawlicy Advisor evaluates insurance policies based on factors including breed-specific health risks, pet age, and location. It aggregates insurance policies by top providers based on projected lifetime cost and coverage value for each pet.
Last October, pet insurance company Wagmo launched its insurance product in the US state of Texas, further expanding its presence in the country.
In the same month, Aflac and Trupanion forged an exclusive partnership to sell pet insurance in worksites across the US.
