LEAWOOD, Kan.--(BUSINESS WIRE)--Companion Protect®, a Kansas City-based pet insurance and pet wellness administration company, today 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.
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.
“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.
To learn more about Companion Protect, visit www.poweredbycompanionprotect.com.
About Companion Protect
Companion Protect® is a national B2B2C pet insurance and pet wellness program administrator for large, trusted brands across property and casualty insurers, employee benefits providers, retail, affinity, and animal welfare channels. We provide compelling pet health products and leverage our innovative PALS® technology platform to provide insurers and policyholders with a seamless, user-friendly experience. The company is privately held and headquartered in the greater Kansas City area.
For more information, visit www.poweredbycompanionprotect.com.
About Avanta Ventures
Avanta Ventures, as the venture capital arm of CSAA Insurance Group, aims to reimagine the future of insurance and drive future growth for CSAA IG through its engagement and investment in groundbreaking U.S.-based startups and entrepreneurs.
Avanta Ventures’ mission is to identify disruptive technologies and new breeds of services across insurtech, mobility, and risk-adjacent sectors, as it fosters an ecosystem of best-in-class startups and venture partner relationships.
For more information, visit www.avantaventures.com.
About Old Republic
Chicago-based Old Republic International Corporation is one of the nation's 50 largest shareholder-owned insurance businesses. It is a member of the Fortune 500 listing of America's largest companies. The Company is organized as an insurance holding company whose subsidiaries actively market, underwrite, and provide risk management services for a wide variety of coverages mostly in the general and title insurance fields. Old Republic's general insurance business ranks among the nation's 50 largest, while its title insurance business is the third largest in its industry.
