Pawlicy Advisor raises $6.5 million in Series A
New York-based online pet insurance marketplace Pawlicy Advisor announced it has raised a $6.5 million Series A funding round led by Rho Capital Partners and existing investor Defy Partners. The round also included significant investment from Slow Ventures. This brings the company’s total funds raised to $8 million to date.
Established in 2018, the startup and a team of ~9 is a pet insurance aggregator. “Pawlicy Advisor assesses insurance policies based on breed-specific health risks, pet age, location, and the fine print in each provider’s policy – to arrange insurance policies across top providers by projected lifetime cost and coverage value for each unique pet.”
According to its site, Pawlicy Advisor is offering products from (1) ASPCA Pet and (2) Hartville Pet which offer pet insurance products underwritten by Crum & Forster Pet Insurance Group, (3) Pets Best which offers products underwritten by Independence American Insurance Company, (4) Petplan which offers products underwritten by XL Specialty, and (5) PetFirst Pet Insurance which was acquired by MetLife and offers products underwritten by New Hampshire Insurance Company (AIG), The Insurance Company of the State of Pennsylvania (AIG) or Independence American Insurance Company.
“We created Pawlicy Advisor to help address the rising cost of veterinary care, which is only being exacerbated by financial insecurity caused by the coronavirus pandemic. Of more than 20,000+ pet owners surveyed, only 19 percent said they would be able to cover a $5,000 medical expense out-of-pocket. Pawlicy Advisor helps them find a more affordable approach to financially care for their pets.” – Woody Mawhinney, Co-Founder and CEO of Pawlicy Advisor.
According to the company, it experienced a 30% monthly company growth over the past year. “Pawlicy Advisor is innovating in a market experiencing tremendous consumer adoption and rapid product launches. The business is well positioned to become the leading authority for pet owners budgeting for their pets’ care.” – Managing Partner of Rho Capital Partners, Habib Kairouz.