Pet health insurance startup Petplan has been acquired by private equity giant Warburg Pincus.
The acquisition will supply Petplan with access to “significant” access to capital and resources to drive growth.
Headquartered in the US, Petplan offers per insurance policies to more than 200,000 consumers in the US and Canada. The company has increased its subscriptions by 15% over the past year. Consumers can get insurance for their dogs and cats, regardless of their age.
Petplan CEO Paul Guyardo said, “This investment is a game changer for Petplan. It enables us to catapult the product innovation and customer experience that our company was founded upon and introduce the very best pet health insurance to millions of pet parents in North America. We’re thrilled to be working with Warburg Pincus and the multitude of resources the firm provides.”
As part of the acquisition, Sherbrooke Capital co-founder and managing director John Giannuzzi is joining the Petplan board of directors.
Warburg Pincus is an active investor into the FinTech space. Earlier in the year, the firm led the $47.5m growth funding round into core software developer BriteCore. The company helps insurance firms improve their tools for policy administration, claims management, underwriting rules, and agent quoting, among more areas of the business.
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