UK-based pet insurance startup Napo yesterday announced raising £15 million in a series A funding led by DN Capital, and backed by the pet care-focused Companion Fund.
Around £6.5 billion of value was attributed to the UK pet care market as of 2019 (source: petsathome); some £2.5 billion of that stems from veterinary bills incurred when household companions fall sick.
In common with the rest of the insurance space, pet insurance is seeing innovative online models that allow customers to quickly inspect and purchase policies, which in turn are becoming more competitive and generous in terms of coverage.
Founded in 2021, Napo’s insurtech platform offers pet owners policy quotes in minutes. Typically a £75 flat-fee is payable when an animal requires treatment; Napo claims the rest of the cost is usually covered, up to its £16,000 threshold.
Napo also throws in 24/7 online video consultations provided by its internal vets, as well as offering dental coverage, money to help finding missing pets and third-party liability cover.
As well as DN Capital and the Companion Fund, the series A raise attracted funding from others including L.A-London insurtech VC MTech Capital, and Munich-based early-stage VC Picus Capital.
Napo is led by its founding CEO Jean-Phillipe Doumeng, previously an executive director with on-demand doctor surgery app Babylon Health.
Source : https://tech.eu/2022/11/15/pet-insurance-startup-napo-raises-ps15-million-series-a/