Chicago-based tech-enabled pet insurance company Figo Pet Insurance announced today it has closed a $4 million series A funding round with participation from private investors.
The company, an 1871 graduate, plans to use the funding for the continued development of its Pet Cloud platform, which gathers information about your pet including shots and reminders, medical history, pictures, videos and any other pet-related documents you choose to upload in a cloud-based, easy-to-use interface. In case your pet gets lost, Pet Cloud also lets you track your pet’s GPS location in real time using a GPS tracker.
"Securing our A-round of capital will allow us to continue our focus on innovative technology, which makes life easier for people and their pets," said Rusty Sproat, president and founder of Figo in a statement.
In addition to building out Pet Cloud’s capabilities, Figo plans to open the platform to all pet owners.
"The next version of the Pet Cloud app will be free for anyone to use regardless of whether or not they are insured with Figo," said Sproat. "The enhanced Pet Cloud will include features to socially connect pet parents, offer improved geo-based location services, incorporate user reviews, along with the ability to upload photos, and rate pet-friendly businesses."
The company — whose service was launched in April 2015 — insures pets in every state in the union except Kentucky.
Figo offers a range of insurance options, from an “essential” package that covers veterinary fees up to $10,000, to an “ultimate” option with no upper limit for medical bills and coverage for emergency vacation cancellation. The company lets customers file insurance claims directly from its mobile app.
Images via Figo.