NEW YORK--(BUSINESS WIRE)--Pawlicy Advisor, the leading pet insurance marketplace, announced today it has raised a $6.5 million Series A funding round led by Rho Capital Partners and existing investor Defy Partners. The round also included significant investment from Slow Ventures. This brings the company’s total funds raised to $8 million to date.
“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,” said Woody Mawhinney, Co-Founder and CEO of Pawlicy Advisor. “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 new round of funding will propel the next phase of strategic company growth and will be used toward team expansion, platform development, partnerships, and educational outreach to consumers and veterinary offices.
The funding builds on expansive, 30% monthly company growth over the past year. In 2020, “thousands of veterinary professionals began referencing the educational benefits of Pawlicy Advisor’s marketplace. Our aim to help pet owners afford the cost of veterinary care is clearly resonating,” Mawhinney said.
Managing Partner of Rho Capital Partners, Habib Kairouz, commented, “Pawlicy Advisor is innovating in a market experiencing tremendous consumer adoption and rapid product launches. The business is well positioned to become the leading authority for pet owners budgeting for their pets' care.”
With over 2.8 million dogs and cats insured across the U.S., and growing, Pawlicy Advisor is the trusted independent marketplace for finding the best coverage for your pet at the lowest rate. Veterinarians around the country use Pawlicy Advisor to help educate pet owners on how to budget for gold standard care. Founded in 2018, Pawlicy Advisor assesses insurance policies based on breed-specific health risks, pet age, location, and the fine print in each provider’s policy – to arrange insurance policies across top providers by projected lifetime cost and coverage value for each unique pet.
For more information, visit pawlicy.com.
About Pawlicy Advisor
Pawlicy Advisor is the leading pet insurance marketplace offering comparison based on breed-specific attributes, hidden discounts, and total cost predictions for the lifetime of the pet. Pawlicy Advisor's data-driven model brings transparency and simplicity to shopping across top pet insurance providers. Pawlicy Advisor's team of pet parents and veterinary advisors are dedicated to making it easy and affordable to do the right thing for our animal companions.