Wagmo Raises $12.5 Million for New Pet Insurance Offer
Pet insurance startup Wagmo raised $12.5 million in its first financing round. The campaign was organized by Revolution Ventures and included the participation of investors like Vestigo Ventures, Female Founders Fund, and Clocktower Technology Ventures.
The founders of Wagmo, Christie Horvath and Ali Foxworth, recognized a gap in the pet insurance market because most policies only covered major emergencies like surgeries and accidents. Meanwhile, basic care was absent even with the leading pet insurance carriers.
Wagmo’s solution was to expand the standard pet insurance policies through a wellness program, which includes reimbursements for standard pet care, like vaccinations, tests, bloodwork, and vet visits.
Those who sign up pay between $20 and $59 per month for this coverage. The reimbursement procedure can be completed online with the Wagmo mobile app. The payments are processed by Wagmo within 24 hours via PayPal, Venmo, or direct deposits.
One of the best things about Wagmo is the flexibility of its coverage options. The company allows clients to sign up for the wellness service without an actual insurance plan and later upgrade to a more comprehensive option.
Wagmo’s plans for the future include expanding into an enterprise model, as well as offering its packages through larger companies as a part of their benefits package for their staff.
Currently, Wagmo’s team consists of 14 employees who manage thousands of clients and have already processed over 30,000 wellness claims. Since the start of the pandemic, the company recorded a 20% user growth month over month.
“The greatest challenge is figuring out how to break down the opportunity ahead of us, particularly in the employer benefit space. [...] What keeps us up at night is thinking about where to start, what to prioritize, how to allocate limited resources and limited time,” said Christie Horvath.
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