HCS Capital Partners (HCS) a Miami-based Private Equity and operating firm, announced this week it has completed a $4 million investment in insurtech startup, FIGO Pet Insurance. HCS reported that this is investment marks the most recent for the firm as it continues to deploy capital from its Tech Fund 1, into insurtech, fintech, and healthtech opportunities in both the U.S. and South America.
Founded in 2015, FIGO offers a combination of comprehensive insurance policies to protect pets in the event of injury or illness. It also has its Pet Cloud product, which allows consumers to socially engage with other pet owners to find grooming and boarding locations, along with other services. FIGO CEO, Rusty Sproat, recently stated:
“Capitalizing on our current momentum, this investment and partnership will empower us to grow our business and continue to innovate our plans and technology.”
Speaking about the investment, HCS Capital CEO, Alex Horvitz, added:
“We were very impressed by FIGO’s achievements, their vision and their ability to transform a low-touch low-tech product like pet insurance into a high tech ecosystem, with a superb digital experience. We are very excited about this investment and are convinced that the partnership with FIGO will allow us to support them in becoming the first fully digital and truly global Pet Insurance firm.”