US-based pet insurance startup Wagmo has raised $12.5m through Series A round, which was led by Revolution Ventures.
The funding round also saw participation from other investors that include Female Founders Fund, Clocktower Technology Ventures, and Vestigo Ventures.
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WndrCo co-founder and managing partner Jeffrey Katzenberg; Chewy former CFO Jim Grube; Allstate corporate development SVP Marilyn Hirsch; Stash co-founder and former CEO David Ronick; and Cardlytics chief product & strategy officer Michael Akkerman also participated in the round.
Wagmo plans to use the proceeds to expand its team, develop products and explore new partnerships.
The company was founded by Christie Horvath and Ali Foxworth in 2017. It provides traditional pet insurance along with a pet wellness service.
Most pet insurers cover illness & injuries, chronic conditions, emergency care, etc. However, the cost of basic care can also go up very high.
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By GlobalDataIts wellness service takes care of basic aspects such as grooming, regular checkups, tests, flea & tick medication among others.
Wagmo CEO and co-founder Christie Horvath said: “What sets Wagmo apart is our relentless focus on helping our members navigate their pet parenting journey – from the moment they bring them home to the golden years. Our products are designed to be transparent, useful, and complementary to the joy people experience with their furry family members.”
Revolution Ventures partner Clara Sieg said: “Currently, only 3 percent of pets are insured due to poor customer experience and outdated offerings from legacy carriers. Yet pets have become an increasingly prominent part of owners’ lives, particularly for younger generations. Wagmo exceeds the expectations of today’s pet parents by offering superior customer experience through its mobile-first technology, SMS messaging support, and easy reimbursements through streamlined online payment systems.”
Sieg and Graham Ober, vice president at Revolution Ventures, will join Wagmo’s board.
