U.S.-based insurtech startup, FIGO Pet Insurance recently announced it received a $5 million investment for a 4% equity stake from underwriting partner Independence American Insurance Company (IAIC), a member of the IHC Group, placing Figo’s valuation at $125 million.
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 utilizes a highly engaging and mobile-friendly Pet Cloud that allows consumers to manage their pet’s healthcare, socially engage with fellow pet parents, and easily discover and locate services within the pet ecosystem. They provide simple, comprehensive, and transparent policies with an award-winning customer service staff, and are widely regarded as one of the leading pet insurance companies.”
While sharing more details about Figo’s insurance, Rusty Sproat, CEO and founder of Figo Pet Insurance, stated:
“With pets firmly cast as family-members and the costs of pet medical treatment often equaling human healthcare, pet insurance has become an essential part of family health coverage for millions of Americans. Figo combines a range of coverage options, pet social connections, and advanced technologies to deliver a best-in-class experience for a growing number of American pet families.”
Sproat went on to add:
“Figo has set a higher insurance experience standard with this personalized, portable, cloud-based technology. What’s more, Figo’s connectivity and information exchange technologies bring our customers conveniences that exceed traditional insurance industry norms.”