In a move to reshape the pet health industry, Companion Protect, a pet insurance and wellness administration company based in Kansas City, has secured $27 million in its recent Series A financing round.
Seasoned FinTech and strategic investors, including Avanta Ventures, Liberty Mutual Insurance, Old Republic International Corporation, and Stray Dog Enterprises spearheaded the funding round.
Companion Protect, recognized for its innovative PALS® platform, has emerged as a pivotal player in the national B2B2C pet insurance and wellness sector. This transformative platform seamlessly integrates insurance providers and pet owners, offering them a user-friendly experience that sets new industry standards.
The substantial investment garnered in this round will be instrumental in fueling the expansion of products and partnerships and enhancing digital innovations in claims processing, all aimed at elevating the overall customer experience.
A Promising Trajectory
With a slew of accomplishments under its belt, Companion Protect has notably introduced pet insurance programs in collaboration with esteemed personal lines insurance companies like Liberty Mutual, Safeco, and CSAA Insurance Group.
Additionally, the company has been at the forefront of creating tailor-made pet insurance programs for animal shelters, rescues, and providers of animal shelter software. The forthcoming months of 2023 and beyond promise to launch several more programs, spanning retail, employee benefits, and traditional property and casualty channels.
Championing Positive Change
Chuck Laue, the founder and CEO of Companion Protect, emphasized the industry’s potential for growth and the company’s commitment to reshaping the landscape of pet health. He pointed out that while existing pet insurance products cater well to pet parents, the distribution model has been hampered by inefficiencies.
This infusion of capital is set to accelerate Companion Protect’s mission to bring accessible pet healthcare solutions to a broader audience, partnering with reputable national brands to revolutionize the industry.
Mr. Laue said, “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 pet health solutions.”
Investors Betting on Transformation
Avanta Ventures, a key investor in this round, expressed enthusiasm about partnering with Companion Protect on its journey to revolutionize pet health. Sanjiv Parikh, Managing Partner at Avanta Ventures, said, “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.”
The strategic allocation of funds will empower Companion Protect to widen its horizons and continue its mission of making pet health solutions more accessible and seamless. The company’s disruptive approach, combined with its innovative technology platform, paints a promising picture for the future of pet insurance and wellness administration.
With strategic collaborations and a commitment to transformative change, Companion Protect sets new benchmarks for making pet healthcare accessible and user-friendly.
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