Walk through any public park these days and you’ll see a hell of a lot more dogs than you might have three years ago. The loneliness of the pandemic lockdowns led to an explosion in pet ownership. Additionally, the demographics of pet ownership have changed. Whereas Grandma or Grandpa used to be pet owners, Gen Z and millennials now make up about 70% of pet owners, according to some statistics. This has created a huge fight between insurers for this new market and of course, unsurprisingly, it has given rise to new companies emerging in the arena.
In the UK you can find UK ManyPets, Waggle, PetPlan, while in the US there are Lemonade, Figo, ManyPets and Trupanion. In the EU you will find Dalma (France), Lassie (Sweden) and ManyPets (Sweden).
Meanwhile, pet insurance startup Napo has decided to take a particular angle on this topic, not only offering pet insurance, but also information on pet health prevention, pet ownership education and additional services. .
It has now raised a £15m Series A round of funding, led by DN Capital, and with participation from the pet care-focused Companion Fund, as well as Helvetia Venture Fund, M Tech Capital, Picus Capital, dmg ventures, Sarona Partners, T0 Ventures and FJ Labs.
Napo claims to have insured more than 35,000 pets in the year since its launch last December. It offers access to 24/7 online veterinary consultations, obesity awareness resources, and access to expert-led live classes to help pups train their dogs.
In a statement, co-founder and CEO Jean-Philippe Doumeng 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 take better care of their pets.”
Guy Ward Thomas, who led the deal at DN Capital, added: “We met every ‘pet neo-insurer’ in Europe…What set Napo apart was its focus on building a virtuous cycle between educating owners, providing veterinary care and improving pet health, all of which lead to lower claims, lower premiums and happier customers in the long run.”