Strategic investments from Avanta Ventures, Liberty Mutual Insurance, Old Republic International Corporation, and Stray Dog Enterprises to fuel digital innovations in customer and agent experience
Companion Protect, a Kansas City-based pet insurance and pet wellness administration company, announced it has raised $27 million in its Series A financing round from a group of experienced FinTech and strategic investors led by Avanta Ventures, Liberty Mutual Insurance, Old Republic International Corporation, as well as Stray Dog Enterprises.
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Companion Protect, national pet insurance administrator, announces completion of a $27M Series A financing led by experienced FinTech investors Avanta Ventures, Liberty Mutual Insurance, and Old Republic International Corporation. #petinsurance
Companion Protect is a national B2B2C pet insurance and pet wellness program administrator that leverages its innovative PALS® platform to provide insurers and pet owners with a seamless, user-friendly pet insurance and wellness experience. The proceeds from this financing will be used to fuel product and partner expansion, along with digital innovation in claims processing aimed at enhancing the customer experience.
Companion Protect has achieved recent success, launching pet insurance programs for leading personal lines insurance companies including Liberty Mutual, Safeco, and CSAA Insurance Group, and building a pet insurance program for animal shelters, rescues, and animal shelter software providers. Several additional program launches are slated for late-2023 and beyond across retail, employee benefits, and traditional property and casualty channels.
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“The pet insurance industry is significantly underpenetrated. The products work great for pet parents, but the distribution model is severely broken,” said Chuck Laue, founder and CEO of Companion Protect. “This round will accelerate Companion Protect’s disruption of the pet health space and help many large, trusted, national brands introduce their own pet health solutions.”
Laue added, “We’re thrilled to have the support of Avanta Ventures, Liberty Mutual Insurance, and Old Republic International Corporation, in addition to our seed investors, as we continue to disrupt the pet health industry and bring pet healthcare to the masses.”
“Avanta Ventures is proud to invest in and join Companion Protect on its growth trajectory and journey to transform pet health,” said Sanjiv Parikh, Managing Partner at Avanta Ventures. “We are excited by Companion Protect’s approach to the pet health space and to be there for pets and their families when needed most.”
Keefe, Bruyette & Woods, Inc. served as financial advisor to Companion Protect in connection with the financing.
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