Companion Protect raises $27m in Series A for pet insurance expansion
Companion Protect, a Kansas City-based pet insurance and wellness administration company, has successfully raised $27 million in its Series A financing round. The investment comes from a coalition of experienced FinTech and strategic investors, including Avanta Ventures, Liberty Mutual Insurance, Old Republic International Corporation, and Stray Dog Enterprises.
Funding Fuels Product and Partner Expansion, Digital Innovation
The funding round aims to accelerate Companion Protect’s growth in the burgeoning pet insurance and pet wellness industry. Specifically, the capital will be used for product and partner expansion as well as digital innovation in claims processing. With its user-friendly PALS platform, Companion Protect aims to enhance the overall customer experience by simplifying pet insurance and wellness for insurers and pet owners alike.
A Track Record of Successful Program Launches
Companion Protect has been on a growth trajectory, having recently launched pet insurance programs with leading insurance companies such as Liberty Mutual, Safeco, and CSAA Insurance Group. Moreover, the company has developed a unique pet insurance program for animal shelters, rescues, and software providers catering to animal shelters. Several more program launches across retail, employee benefits, and traditional property and casualty channels are slated for late 2023 and beyond.
Transforming the Pet Health Insurance Landscape
Chuck Laue, founder and CEO of Companion Protect, emphasized the necessity of the financing round in disrupting an “underpenetrated” pet insurance industry. “This round will accelerate Companion Protect’s disruption of the pet health space and help many large, trusted, national brands introduce their own pet health solutions,” said Laue. He also expressed gratitude for the support from leading investors like Avanta Ventures, Liberty Mutual Insurance, and Old Republic International Corporation in the company’s mission to bring pet healthcare to the masses.
Avanta Ventures’ Enthusiastic Support for Companion Protect
Sanjiv Parikh, Managing Partner at Avanta Ventures, echoed the enthusiasm, saying, “Avanta Ventures is proud to invest in and join Companion Protect on its growth trajectory and journey to transform pet health.”
With this significant Series A financing, Companion Protect is poised to revolutionize the pet insurance and wellness sectors. The Kansas City-based pet insurance provider aims to fill the gap in an under-served market by offering streamlined, customer-centric solutions for both pet owners and insurers.