Firm Invests $4 Million in Cloud-Based Pet Insurance Provider

Figo Pet Insurance, the first cloud-based pet insurance provider, has received $4 million from HCS Capital Partners.
Amanda Carrozza
Published: April 03, 2018
Figo Pet InsuranceHCS Capital Partners, a Florida-based investment and operating firm, recently made a $4 million investment in Figo Pet Insurance, which is described as the first cloud-based pet insurance provider. Founded in 2015, Figo has been called one of the fastest growing startups in the country.

“We were very impressed by Figo’s achievements, their vision and their ability to transform a low-touch, low-tech product like pet insurance into a high-tech ecosystem with a superb digital experience,” HCS Capital Partners CEO Alex Horvitz said. “We are very excited about this investment and are convinced that the partnership with Figo will allow us to support them in becoming the first fully digital and truly global pet insurance firm.”

According to a Figo press release, the pet insurance market accumulates almost $1 billion in annual revenue and is viewed as one of the most disruptive industries. It’s anticipated that the industry will nearly double by 2023. 

Although it may not currently be the leader in profitability, what most notably separates Figo from its competitors is that it provides cloud-based health insurance plans for cats and dogs, enabling users to get a quote, submit claims from their mobile device and get reimbursed electronically. 

“Capitalizing on our current momentum, this investment and partnership will empower us to grow our business and continue to innovate our plans and technology,” Figo CEO Rusty Sproat said. 

In addition to expanding operations for its insurance product, the investment funds will be used to better the company’s smartphone app, Pet Cloud. The free app offers a variety of features, including:
  • The ability to upload, store and send documents related to a pet, including medical records, photos and bills.
  • Virtual pet tags with unique Pet Cloud identifiers. A pet tag allows the user to send group text messages if a pet becomes lost. Someone who finds a missing animal can enter a specific code and instantly reach the pet owner.
  • Reminders of veterinary appointments and vaccination notices via text message, email or phone call.
  • Listings of pet-related services, such as groomers, dog parks and veterinarians, in a specific area.
  • The ability to file insurance claims through the app and receive reimbursement via direct deposits.
  • The ability to sync Pet Cloud with the Gibi pet tracker to create safety perimeters for a pet and map the animal’s location.
The $4 million investment in Figo marks the end of a $10 million round of fundraising for HCS Capital Partners.

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