Walk through any public park these days and you’ll see a hell of a lot more dogs than you would have three years ago. The loneliness of the pandemic led to an explosion in pet ownership. Additionally, the demographics of pet ownership have changed. In the past it was grandma or grandpa who wanted to own a pet, now, Gen Z and Millennials represent 70% of pet owners, according to some statistics. This has created a huge battle between insurers in this new market, and has certainly led to the creation of new startups in the arena.
In the UK you can find UK ManyPets, Waggle, PetPlan, in the US there is Lemonade, Figo, ManyPets and Trupanion. In the EU you will find Dalma (France), Lasse (Sweden) and many Petz (Sweden).
Meanwhile, pet insurance startup Napo has decided to take a different tack on this topic, offering not only pet insurance but also pet health information, pet ownership education and more.
It has now raised £15m Series A funding led by DN Capital and a companion fund focused on petcare as well as Helvetia Venture Fund, MTech Capital, Picus Capital, dmg Ventures, Sarona Partners, T0 Ventures and Engagement. FJ Labs.
Napo claims to have insured more than 35,000 pets a year since its launch last December. Puppy offers 24/7 online vet consultation, obesity awareness resources, and access to expert-led live classes to help train their dogs.
“Our mental model is fundamentally different from traditional pet insurance,” said co-founder and CEO Jean-Philippe Dumeng in a statement. We’re aligning all stakeholders to look in the same direction, helping people take better care of their pets.
Guy Ward Thomas, who led the deal at DN Capital, added: “We’ve come across the ‘neo pet-insurance’ in Europe… What sets Napon apart is their focus on building a good circle of owners, providing and improving veterinary care. Pet health – all lead to lower claims, lower premiums and happy customers in the long run.
