Barkibu, a pet health insurance and preventative coverage provider, has raised $4.5m in funding to take advantage of the “booming” pet insurance market.
According a report from NovoBrief, the round was led by Kfund, with Mundi Ventures also participating.
Barkibu is founded on the belief that most pet health related problems will soon by solved by automated consumer experiences, built on top of structured pet health data.
Each month, Barkibu said it received tens of thousands of pet health documents each month, which contain unstructured pet health data. The company is converting this unstructured data into structured data that allows it to build a number of tools to increase claim management efficiency and intelligence.
In addition to its pet health insurance offering, which involves coverage for 80% of the costs associated with illnesses and accidents, and 100% of the costs associated with prevention, such as vaccinations or annual check-ups, Barkibu has built an app that helps pet parents take care of their pet’s health.
This app includes a calendar, a telehealth service that enables clients to chat, call, or email Barkibu vets for advice, and an AI-based veterinary service that is currently serving thousands of consultations a month.
The company has a presence in both Spain and Germany, with Spain accounting for 67% of its business.
According to Barkibu, the market for pet health insurance in Germany will reach €300m in 2023, whilst the Spanish market is currently valued at €100m, expected to grow into €150m by 2027.
Álvaro Gutierrez, co-founder & co-CEO of Barkibu, said, “We are thrilled to have Kfund as our partner as we continue to grow and innovate in the pet health insurance space, and very happy to see Mundi Ventures accompanying also in this round.”
Earlier this year, Insurance carrier Nationwide launched its pet insurance offering through Walmart Insurance Services on Walmart.com.
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