The Trupanion pet insurance company has raised $9 million in financing, with funding coming primarily from the Highland Consumer Fund, but also from Maveron, a venture capital firm from Howard Schultz.
The insurer provides pet coverage to owners in Canada, Puerto Rico, and the United States. It provides coverage for 90 percent of medical care from a veterinarian should the protected pet be injured or fall ill. Premiums for a mixed-breed dog at three years old are typically around $40 per month.
Trupanion explained that it intends to use the funds that it has raised in order to build its abilities for claims-administration, improve its customer service, and widen its national sales force. The total amount that the insurance company has raised is now $37.1 million.
The initial institutional investor in the insurer was Seattle-based Maveron, which was founded by the CEO of Starbucks.
The main competition to Trupanion comes from Petplan, Petfirst, Healthy Paws Pet Insurance from Bellevue, and 24PetWatch.
Highland Consumer Fund’s managing general partner, Ted Philip, said that the pet insurer consistently proves that they are committed to offering a single fair and simple plan within its sector. He added that “This results in the category’s happiest customers and fast, profitable growth. We’re excited to be part of the team.”
Currently, Trupanion consists of a team of 120 workers in Vancouver, Canada, and Seattle, in addition to 70 other employees throughout the rest of its North American presence.