Pawlicy Advisor scores $6.5m in its Series A round

On-line pet insurance coverage firm Pawlicy Advisor has scored $6.5m in its Collection A funding spherical, to assist the expansion of its crew.

The funding was led by Rho Capital Companions and former backer Defy Companions. Sluggish Ventures additionally contributed a “important” funding to the spherical.

This fairness has been earmarked to assist the following strategic progress section of the corporate. Funds may even assist the crew broaden, bolster product improvement, improve partnerships and increase its academic outreach to shoppers and veterinary places of work.

Pawlicy has had a robust yr of progress, with a 40% month-to-month progress of 30%.

The InsurTech permits pet homeowners to match the market to search out the most effective protection for his or her pet. Based in 2018, the corporate assesses insurance policies primarily based on breed-specific well being dangers, pet age, location and the superb print of the coverage.

Pawlicy Advisor co-founder and CEO Woody Mawhinney mentioned, “We created Pawlicy Advisor to assist tackle the rising price of veterinary care, which is just being exacerbated by monetary insecurity brought on by the coronavirus pandemic.

“Of greater than 20,000+ pet homeowners surveyed, solely 19 p.c mentioned they’d be capable of cowl a $5,000 medical expense out-of-pocket. Pawlicy Advisor helps them discover a extra reasonably priced method to financially care for his or her pets.”

The InsurTech has raised a complete of $8m in funding thus far. Final yr, Pawlicy collected $1m in a funding spherical led by Defy Companions.

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