Pet insurance marketplace Pawlicy Advisor, has raised $12m in Series B funding and expanded into veterinary corporate groups in an effort to transform pet insurance education.
The round was led by StepStone Group, with participation from Defy Partners, Rho Ignition, Slow Ventures, and ERA’s Remarkable Ventures Fund. This brings the company’s total funds raised to approximately $20m.
Pawlicy Advisor offers personalised pet insurance comparisons based on breed-specific attributed and total cost predictions for the lifetime of the pet. Pawlicy Advisor said its data-driven model brings transparency and simplicity to shopping across top pet insurance providers.
The company said it will use the capital to further serve the veterinary community, grow its pet insurance marketplace, enhance its core offerings, and make key hires in several departments.
Ben Cunningham, VP veterinary operations of NewDay Veterinary Care, the most recent veterinary corporate group to team up with Pawlicy Advisor, said, “Our veterinary practices focus on giving pet parents access to all the premium care they need to give their pets the best life possible. Pawlicy Advisor offers the best streamlined, modernised solution to educating clients about pet insurance – an important tool for providing the best care possible.”
The company said this latest round of funding builds on its growth. In February 2021, Pawlicy raised $6.5m in a Series A round. The company has also recently partnered with consumer financial services company Synchrony to help consumers better plan for expenses regarding their pet.
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