With the change of people's lifestyle and the improvement of the status of pet families, more and more pet owners choose insurance as one of the payment methods to reduce the burden of pet ownership, and the market demand for pet insurance has also increased significantly. At the same time, driven by insurance technology, more technical support has been provided for the pricing, claims, services and other business links of pet insurance, which has reduced the difficulty of product development and operation of pet insurance companies, and made the pet insurance field get more attentionGlobally, there are already a number of companies in the pet insurance technology space that have received large amounts of financing.
In this issue, Baoguan has selected the 10 largest pure-play pet insurance companies with public fundraising data, and sorted them according to the amount of money they raised.
1.manypets
Total funds raised: 4$8.3 billion
Latest Funding Round: Series D
Latest Financing Amount: 3$500 million
Major investors: FTV Capital, Munich re ventures, Octopus Ventures
Founded in 2017, Manypets (formerly known as Buy by Many) is a London-based pet insurtech company that was also voted the No. 1 pet insurer by Forbes in 2023. Today, Manypetsde's business scope covers many countries such as Europe and the United States, providing insurance services for 600,000 pets around the world, with an annual premium of more than 200 million pounds and a total valuation of 2 billion US dollars.
Manypets mainly provides pet insurance, Caterpillar insurance (mainly including liability insurance and medical insurance), multi-pet insurance, lifelong pet insurance, preventive pet care and other six different insurance amounts and benefits of the product plan. For example, a preventive pet care plan includes on-site fleas**, deworming tablets, 24-hour** veterinary consultations, additional pet allowances, and many other additional services.
It is worth mentioning that Manypets analyzed the suggestions of more than 270,000 users and 40,000 reviews on social ** for pet insurance through data analysis and other technologies, and analyzed and used the feedback of these users to design products to optimize each step of customer insurance purchase, so as to cover multiple links such as finding ** to claims and renewals.
2.santévet
Total funds raised: 1$7.1 billion
Latest funding round: Undisclosed
The latest financing amount: 1£500 million
Major investor: Columna Capital
Founded in 2003, Santévet is a pet insurance service provider based in France. It is reported that the company currently has more than 200 employees and processes more than 500,000 claims reports every year. In France, more than 90% of veterinarians recommend Santévet's pet health insurance.
Santévet mainly provides dog insurance, cat insurance, pet mutual health insurance, and since this year, the company has also begun to try to provide a series of small mammal pet health insurance products, such as parrots, rabbits and other pets of illness, accident and prevention protection, the insured can consult through Santévet's **customer portal** to consult, purchase, claim and a series of process services.
Santévet has developed an app specifically designed for clients and pets to track reimbursements and retrieve contract information in real time, fully automated refund requests, real-time updates of pet health data, and much more.
3.trupanion
Total funds raised: 1$3.8 billion
Latest funding round: Undisclosed
Latest funding amount: $100 million
Major investor: AFLAC
Founded in 1998, Trupanion is a veteran pet insurance company based in Washington and the first self-underwritten pet insurance company in North America. To date, Trupanion has insured more than 800,000 pets worldwide and paid out more than $1 billion in total claims.
Unlike other pet insurers, Trupanion puts the pet itself before profit and is committed to providing the best long-term value for pets, ensuring that pets receive the care they need for a lifetime in a fair** and fully transparent way, all built on Trupanion's world's fastest payment methods and truly unlimited coverage. First, Trupanion has optimized and redesigned the entire pet insurance claims process, so that customers can pay for veterinarians directly, instead of having to pay bills and wait for reimbursement, further eliminating the financial concerns of customers going to the veterinary clinic.
Secondly, Trupanion does not limit the amount insured by customers, which also means that there is no upper limit on Trupanion's payouts, thus providing the best for pets**, which is the main reason why Trupanion's payouts are so high.
4.do**acay
Total funds raised: $4,700
Latest Funding Round: Series B
Latest funding amount: Undisclosed
Major investor: Rover
Founded in 2012, Do**Acay is a pet insurance company based in the United States. But do**acay isn't strictly a pet insurance provider, as it allows pet owners to book professional dog walkers, pet daycares, pet trainers, and pet sitters, and is known by users as the largest five-star pet sitter network in the United States.
Customers can pay directly through Do**Acay's dedicated app, and at the same time, they can keep up to date with the real-time dynamics of their pets through in-app messages, updates, and GPS maps for walking their dogs.
Do**Acay has also launched a premium pet insurance plan, which covers pet health checks, daily pet training, and daily updates for pets in the owner's absence. And as a pet sitter of do**acay, you can choose your own schedule, service, and **, so as to establish your own pet sitting business.
5.napo
Total funds raised: $20.9 million
Latest Funding Round: Series A
The latest financing amount: 15 million
Major investors: Companion Fund, Mtech Capital
Founded in 2021, NAPO is a pet insurance company based in the United Kingdom. Although it is still young, it is known for providing pet owners with a fast** service through its streamlined app, and NAPO has already insured 350,000 pets.
NAPO's products are fundamentally different from traditional pet insurance, focusing on comprehensive insurance suitable for the pet's life cycle, including accident and illness insurance, dental**, behavior**, funds to find a missing pet, third-party liability insurance, and even overseas travel protection. At the same time, NAPO also offers a wide range of perks in the pet insurance plan, such as on-site advice from a pet expert and a free ** consultation from a veterinarian, which basically runs through the entire cycle of a pet from birth to death.
It is worth mentioning that NAPO has also established a dedicated veterinary portal** that acts as a platform for customers to connect with veterinarians, and customers can choose to be paid directly by NAPO to the veterinarian or to the customer himself.
6.pawlicy advisor
Total funds raised: $19.6 million
Latest Funding Round: Series B
Latest funding amount: $12 million
Major investors: DeVy Partners, Rho Ignition, Slow Ventures
Founded in 2018, Pawlicy Advisor is a pet insurtech company based in New York. The U.S. estimates a total of 1500 million pets, but only 2.5 million pets are insured, with a penetration rate of less than 2%, well below the average of European countries. That's why Pawlicy Advisor is committed to helping pet owners compare pet insurance plans to find the best insurance for their pets at the lowest. Pawlicy Advisor has successfully helped more than 2.4 million users choose pet insurance.
First of all, customers only need to fill out a simple ** in five minutes, and Pawlicy Advisor can automatically trigger the analysis of hundreds of insurance products through its own database according to customer needs, find the detailed rules hidden in them, and easily filter them according to the requirements of minimum ** and maximum coverage, and sort out more than 100 major brands of pet insurance** in a short period of time, and conduct personalized side-by-side comparisons.
Pawlicy Advisor's database is built by neutral, licensed insurance experts to provide personalized recommendations based on the unique data of a client's pet to best protect their pet's specific health risks.
7.dalma
Total funds raised: $18.4 million
Latest funding round: Seed round
Latest funding amount: £15 million
Major investor: Northzone
Founded in 2014, dalma is a start-up pet insurance provider based in Paris. France has the highest percentage of cats and dogs in the world, with 50% of households owning at least one pet. In just two years since its founding, Dalma has insured 30,000 pets and has since launched a pet-focused super app that has gained widespread market acceptance.
Dalma's digital insurance products include veterinary fees for pets, 12 types of pet care, 10 types of accident and illness coverage, but are limited to dogs and cats between the ages of 3 months and 9 years at the time of registration, and are only available to customers in France.
Dalma's super app is seen as key to the company's success. The app is transparent, simple and preventive, in the app, through a call or chat, you can have unlimited instant contact with the veterinarian, learn about the pet's health, education or nutrition related issues, insurance product purchases, refunds, claims, policy acquisition can be completed in the app, while also selling and buying daily necessities for cats and dogs.
8.figo
Total funds raised: $18 million
Latest Funding Round: Series C
Latest funding amount: $5 million
Major investor: Undisclosed
Figo is a Chicago-based pet insurance company. To date, Figo has paid nearly $90 million in veterinary fees and recruited a team of 140 employees, more than 90% of whom have pets, so Figo describes itself as "pet insurance designed by pet people."
FIGO mainly offers a unique range of additional services for pets, such as coverage for existing illnesses, including the cost of veterinary examinations for accidents and illness visits, annual check-ups, vaccinations and much more. FIGO has also established a personalized pet tag for each insured pet, which is synchronized to the customer's pet cloud file, updating the latest relevant data of the pet in real time, and helping customers find the pet when it is lost.
Another big advantage of FIGO is the speed and simplicity of the claim process, which allows you to get reimbursed for your covered claim from your bank account by simply uploading your veterinarian bill and accessing claim tracking updates, typically in as little as two business days.
9.lassie
Total funds raised: $18 million
Latest Funding Round: Series B
Latest funding amount: $23 million
Major investors: Felix Capital, Inventure, Passion Capital
Founded in 2020, Lassie is a start-up pet insurance company based in Sweden that aims to provide "prevention-oriented" pet insurance. Today, Lassie has more than 10,000 customers and has set up a dedicated Tass** to issue free pet insurance to people who can't afford to insure their pets.
One of the main advantages of Lassie is that it is 100% digital. Lassie has established a large database on pet health, all pet insurance products are purchased, claimed, and surgical** appointments are operated online through Lassie's dedicated app, which basically accepts insurance for all breeds of dogs and cats, and different breeds of pet-related premiums, various service fees, and protection content can be found through the app. Through the app, customers can take training and pet health courses on how to prevent common injuries and collect points for answering quiz questions in the app, which can then be converted into discounts and lower insurance premiums, which also means that the more you know about your pet, the less you pay.
10.fursure
Total funds raised: $6 million
Latest funding round: Seed round
Latest funding amount: $3 million
Major investors: MAC Ventures, Sure Ventures, Scrum VC
Founded in 2019 and headquartered in San Francisco, Fursure is a mobile banking app designed for pet owners, while also offering pet insurance price comparison and personalized advice for pet owners. Because it is fast and easy to use, it provides ** insurance in just a few minutes, and has received wide attention from the market and user groups.
While general pet insurance companies usually require customers to pay the full amount upfront and then wait a few days to get reimbursed, Fursure has launched pet insurance that pays veterinarian fees directly, which only needs to be submitted successfully in the app and can be paid directly at checkout, and there are no geographical and network restrictions.
Fursure also offers a branded debit card for rewards, which can be redeemed for veterinary care, as well as discounts and subsidies for pet food, toys, dog grooming and kennel boarding, all of which are fundamental to protecting the rights and health of pet owners.
The list of high-quality authors is a case study from the above ten pet insurance companiesWe can find that the development trend of the pet insurance market is more diversified, which is mainly reflected in the richer distribution channels, the increased transparency of pet insurance education and protection coverage for consumers, the beginning of pet insurance companies to actively cooperate with competing payers, the greatly improved operating efficiency of pet insurance through digitalization, the expansion of the scope of pet insurance protection objects, and the adoption of a series of strong measures to stimulate and guide customer consumption. As time goes by, the number of insurance companies focusing on pets will definitely increase, and the competition will become more and more fierce, what will be the development trend of the pet insurance market in the future?What innovative pet insurance products and pet insurance operating models will emerge?We will continue to stay tuned.