Pet insurer SanteVet raises €150 million
SanteVet , a French pet insurance intermediary, closed a €150 million ($171 million) funding round from Columna Capital , a majority-owner in the company since 2017.
The company will use the capital to expand to Italy, the Netherlands, Portugal, and Austria, as well as accelerate growth in France, Belgium, Spain, and Germany.
SanteVet has stated that it wants to become “the undisputed leader in the European animal health insurance market with more than one million insured animals” by 2026. To do this, it will invest in the development of its digital platform, strengthen its technology solutions and create 500 new jobs around the world. It currently has 300 employees and aims to reach 300,000 active policies by the end of the year.
Finally, under the umbrella name of Compagnie des Animaux, the group manages three pet insurance brands – SanteVet, Bulle Bleue, and Jim & Joe.
Bottom Line: Pet insurance is not new; nevertheless, European pet insurance has a far larger market penetration than the US, with the UK leading the way (42% adoption), followed by Germany (33%), Italy, and Spain (27% ), and finally, France, which has a 22% adoption rate for pet insurance.
