IHC acquires a 4% equity stake in Figo
Independence Holding Company (IHC) and Figo Pet Insurance announced the expansion of their relationship as a result of IHC making a $5 million investment in Figo for a 4% equity stake at a $125 million valuation.
“We continue to be impressed by the leadership of Rusty Sproat and his team, as well as the innovative spirit and dedication to the pet insurance consumer demonstrated by everyone at Figo. Making an investment in capital as well as providing ongoing resources support, only makes sense as we work together to grow our book of pet insurance business. At IHC, we strive to be true partners in the distribution of our products.” – Rick Faucher, President of Pet Insurance Division of IHC Specialty Benefits, Inc.
“IHC’s progressive underwriting services enhance Figo’s core commitment to bring our customers the best product values possible. Combining Figo’s industry leading InsurTech platform with the IHC’s insurance expertise will be a significant factor in our growth and continued success.” – Rusty Sproat, CEO and founder of Figo Pet Insurance.
Established in 2013, Chicago-based Figo provides medical reimbursement plans and services for dogs and cats. Figo’s technology platform delivers a suite of highly personalized services under the Figo Pet Cloud, an innovative mobile app that enables access to pet medical records, Live Veterinarian texting, claim AI interface, and social media connections with compatible pet-friends via a smartphone application.
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