Pet insurance startups are chasing the market as pet ownership soars among Gen Z and Millennials
Walk in any public park these days and you'll see a lot more dogs than you did three years ago. The loneliness of pandemic shutdowns has led to an explosion in pet ownership. Additionally, the demographics of pet owners have changed. While before it was grandma or grandpa who tended to be the pet owner, today Gen Z and Millennials make up around 70% of pet owners, according to some statistics. . This created a big battle between insurers in this new market, and of course predictably led to new startups in the arena.
In the UK you can find UK ManyPets, Waggle, PetPlan, while in the US there is Lemonade, Figo, ManyPets and Trupanion. In the EU you will find Dalma (France), Lassie (Sweden) and ManyPets (Sweden).
In the meantime, pet insurance start-up Napo has decided to take a particular angle on this topic, offering not only pet insurance, but also information on preventing pets. pet health, pet owner education and additional services.
It has now raised a £15m Series A funding round, led by DN Capital, and with participation from the companion animal care-focused Companion Fund, as well as the Helvetia Venture Fund, M Tech Capital, Picus Capital, dmg ventures, Sarona Partners, T0 Ventures and FJ Labs.
Napo claims to have insured over 35,000 pets in the year since its launch last December. It offers access to 24/7 online veterinary consultations, obesity awareness resources and expert-led live classes to help puppies train their dogs.
In a statement, co-founder and CEO Jean-Philippe Doumeng said, "Our mental model is fundamentally different from traditional pet insurance. We are aligning all stakeholders to look into the same direction in helping people take better care of their pets."
Guy Ward Thomas, who led the deal at DN Capital, added: "We met with all the 'neo-insurers for pets' in Europe... What sets Napo apart is their focus on building a virtuous cycle between educating owners, providing veterinary care and improving pet health, resulting in lower claims, lower premiums and more customers long-term satisfaction."
Walk in any public park these days and you'll see a lot more dogs than you did three years ago. The loneliness of pandemic shutdowns has led to an explosion in pet ownership. Additionally, the demographics of pet owners have changed. While before it was grandma or grandpa who tended to be the pet owner, today Gen Z and Millennials make up around 70% of pet owners, according to some statistics. . This created a big battle between insurers in this new market, and of course predictably led to new startups in the arena.
In the UK you can find UK ManyPets, Waggle, PetPlan, while in the US there is Lemonade, Figo, ManyPets and Trupanion. In the EU you will find Dalma (France), Lassie (Sweden) and ManyPets (Sweden).
In the meantime, pet insurance start-up Napo has decided to take a particular angle on this topic, offering not only pet insurance, but also information on preventing pets. pet health, pet owner education and additional services.
It has now raised a £15m Series A funding round, led by DN Capital, and with participation from the companion animal care-focused Companion Fund, as well as the Helvetia Venture Fund, M Tech Capital, Picus Capital, dmg ventures, Sarona Partners, T0 Ventures and FJ Labs.
Napo claims to have insured over 35,000 pets in the year since its launch last December. It offers access to 24/7 online veterinary consultations, obesity awareness resources and expert-led live classes to help puppies train their dogs.
In a statement, co-founder and CEO Jean-Philippe Doumeng said, "Our mental model is fundamentally different from traditional pet insurance. We are aligning all stakeholders to look into the same direction in helping people take better care of their pets."
Guy Ward Thomas, who led the deal at DN Capital, added: "We met with all the 'neo-insurers for pets' in Europe... What sets Napo apart is their focus on building a virtuous cycle between educating owners, providing veterinary care and improving pet health, resulting in lower claims, lower premiums and more customers long-term satisfaction."
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