Pet insurance start-up lands £15m investment
The pandemic led to a boom in pet ownership and the demographic of pet ownership has shifted. Gen Z and Millennials now represent around 70% of pet owners.
Pet insurance start-up Napo has raised £15m in Series A funding led by DN Capital.
Other partners include petcare-focused companies Companion Fund, Helvetia Venture Fund, M Tech Capital, Picus Capital, dmg ventures, Sarona Partners, T0 Ventures and FJ Labs.
Napo said it is on track to insure over 40k pets less than 12 months after launching in December last year and already protects more than 25k pets since its launch.
The funding will help Napo to accelerate product rollout, grow the number of pets protected, continue to attract staff , and prepare for the company’s market expansion.
Jean-Philippe Doumeng, co-founder and CEO, said: “Our mental model is fundamentally different from traditional pet insurance. We are aligning all stakeholders to look in the same direction by helping people to take better care of their pets.”
“Our focus is on delivering true value-adds, offering expert advice and care to help prevent the need for treatment in the first place. This is of huge importance and a core principle for Napo, as research shows 40% of health problems in pets are preventable.”
Guy Ward Thomas, who led the deal at DN Capital, added : “We met all of the ‘neo pet-insurers’ in Europe, and frankly, we weren’t interested in backing another insurance MGA. Nobody needs another paper pusher, but a whole generation of new pet owners are crying out for a platform that helps them look after their pets better.
“What set Napo apart was their focus on building a virtuous circle between educating owners, providing veterinary care and improving pet health – all leading to lower claims, lower premiums and happier customers in the long-term.”
