Online pet insurance company Pawlicy Advisor has scored $6.5m in its Series A funding round, to support the growth of its team.
The investment was led by Rho Capital Partners and previous backer Defy Partners. Slow Ventures also contributed a “significant” investment to the round.
This equity has been earmarked to support the next strategic growth phase of the company. Funds will also help the team expand, bolster product development, increase partnerships and boost its educational outreach to consumers and veterinary offices.
Pawlicy has had a strong year of growth, with a 40% monthly growth of 30%.
The InsurTech enables pet owners to compare the market to find the best coverage for their pet. Founded in 2018, the company assesses policies based on breed-specific health risks, pet age, location and the fine print of the policy.
Pawlicy Advisor co-founder and CEO Woody Mawhinney said, “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.”
The InsurTech has raised a total of $8m in funding to date. Last year, Pawlicy collected $1m in a funding round led by Defy Partners.
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