Chicago-based InsurTech platform FIGO Pet Insurance has closed a $4m equity round from HCS Capital Partners.
HCS used its $10m Tech Fund 1 fund to complete the deal. The vehicle closed late last year and will be used to invest in InsurTech FinTech and HealthTech opportunities across the US and South America. The firm is looking to raise its second tech fund in Q3.
FIGO is an online pet insurance platform that offers a range of policies for dogs and cats. Some of the incidents covered include, illness or injury, surgeries, chronic conditions, cancer treatments, hip dysplasia, hereditary conditions and veterinary exams, among others.
Its Pet Cloud services provides consumers with a platform to socially engage with other pet owners, find grooming and boarding locations and discover other pet related activities. FIGO is planning to offer the Pet Cloud service for free soon.
HCS Capital CEO Alex Horvitz said, “We were very impressed by FIGO’s achievements, their vision and their ability to transform a low-touch low-tech product like pet insurance into a high-tech ecosystem, with a superb digital experience.”
Other FinTechs currently in HCS’ portfolio include machine learning platform provider for financial services Portendo Analytics, and real-time transaction monitoring platform Ceptinel.
There has been a lot of activity in the InsurTech space this year. Earlier in the week, insurance motor comparison website honcho collected £850,000 in its crowdfunding campaign. This week also saw the launch of MetLife’s $100k InsurTech innovation challenge, it’s third programme of this type.
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