Funding strongly positions company to continue rapid growth in the pet insurance market.
Seattle, WA - December 14, 2011 — Trupanion, the North American leader in pet insurance, today announced a $9 million financing led by the Highland Consumer Fund, with participation by existing investor Maveron LLC. The funding will be used to continue the company’s strong revenue growth by making additional investments in the industry’s only national sales force and Trupanion’s superior customer service and claims administration capability. To date, Trupanion has raised more than $31 million in capital.
Trupanion provides pet insurance to pet owners in the United States, Canada, and Puerto Rico. The company’s simple product covers 90% of the actual costs of veterinary care if a pet becomes sick or injured, with no payout limits per year, per claim, or over the lifetime of the pet. Trupanion offers coverage for the hereditary issues associated with purebred cats and dogs and does not penalize pet owners as their pets age or the unlucky pets who have multiple claims.
“Trupanion has proven again and again their commitment to providing one simple, fair plan with the industry’s highest medical loss ratio,” said Ted Philip, Managing General Partner of the Highland Consumer Fund. “This results in the category’s happiest customers and fast, profitable growth. We’re excited to be part of the team.”
Trupanion was founded in Canada in 1999 by CEO Darryl Rawlings. In 2008 the company expanded into the United States marketplace and quickly became the first pet insurance company to be recognized by the American Animal Hospital Association. Rawlings was recently profiled in Fortune Magazine because of this success.
“Our partnership with the Highland Consumer Fund furthers our commitment to helping the millions of pet owners who struggle to balance their discretionary income with their desire to provide the best care for their four legged family members,” said Rawlings. “The Highland team has worked with such companies as lululemon and Pinkberry to help turn them into market leaders. We’re thrilled to have their expertise onboard to fuel the next stage of Trupanion’s growth.”
Joining the Highland Consumer Fund in the financing round is Maveron LLC, Trupanion’s first institutional investor, a consumer-focused venture capital firm founded by Howard Schultz of Starbucks and Dan Levitan. Maveron’s investments include Altius Education, eBay, Groupon, and Zulily.
The Huffington Post recently recognized Trupanion as a leader in work life balance, alongside such companies as Google, Netflix and Zappos. This distinction is enjoyed by 120 employees in Seattle and Vancouver and an additional 70 individuals across North America who support local veterinarians. Trupanion COO Howard Rubin and Senior Vice President Dr. Kerri Marshall lead the company’s focused commitment to partnering with the animal health industry.
“Trupanion has a working environment that reinforces our love of pets and our understanding of the needs of pet owners and veterinarians,” said Rubin, who was the founding CEO of the National Commission on Veterinary Economic Issues. “Our new investment partner understands this as well and will propel us even further along our path to becoming the largest and best pet insurance provider in the industry.”