Companion Protect raises $27 million
Companion Protect, a Kansas City-based pet insurance and pet wellness administration company, has raised $27 million in Series A funding with backing from CSAA’s Avanta Ventures, Liberty Mutual, Old Republic International Corporation, and Stray Dog Enterprises.
Founded in 2015, Companion Protect has launched pet insurance programs for insurers such as Liberty Mutual, Safeco, and CSAA Insurance Group. It also builds programs for animal shelters, retailers, and benefit providers, as well as giving shoppers the option to get coverage (underwritten by Liberty Mutual) online from its site.
The proceeds from this financing will be used to fuel product and partner expansion, along with digital innovation in claims processing aimed at enhancing the customer experience.
“The pet insurance industry is significantly underpenetrated. The products work great for pet parents, but the distribution model is severely broken. 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.” – Chuck Laue, founder and CEO of Companion Protect.
“Avanta Ventures is proud to invest in and join Companion Protect on its growth trajectory and journey to transform pet health. We are excited by Companion Protect’s approach to the pet health space and to be there for pets and their families when needed most.” – Sanjiv Parikh, managing partner at Avanta Ventures.