Wagmo, a NYC-based pet wellness and insurance company, raised $12.5m in Series A funding.
The round was led by Revolution Ventures with participation from return investors Clocktower Technology Ventures, Female Founders Fund, and Vestigo Ventures, as well as:
- Jeffrey Katzenberg, Co-founder and Managing Partner of WndrCo;
- Jim Grube, former CFO of Chewy;
- Marilyn Hirsch, SVP of Corporate Development at Allstate;
- David Ronick, Co-founder and former CEO of Stash; and
- Michael Akkerman, Chief Product & Strategy Officer at Cardlytics.
In conjunction with the funding, Clara Sieg, Partner at Revolution Ventures, and Graham Ober, Vice President at Revolution Ventures, will join Wagmo’s board.
The company plans to use the funds to scale the team, develop key product features, and secure new partnerships.
Founded by Christie Horvath and Ali Foxworth in 2017, Wagmo provides wellness and insurance plans to allow pet parents to get the care they need for their pets when they need it the most, for routine and emergency care from grooming to essential maintenance, cancer treatments, and emergencies without having to compromise.
Customers receive 24-hour reimbursements through Venmo, Paypal, or direct deposit. The company offers 100% reimbursement for accidents and illnesses and avoids opaque insurance lingo and hidden barriers around claim reimbursements such as high deductibles and copays or unexpected restrictions around approved providers. To date, Wagmo has processed over 30,000 claims using its proprietary technology, and over the past 12 months, averaged over 20% monthly growth in new users.
Earlier this year, the company rolled out B2B services, partnering with companies like MongoDB and Salesforce to offer wellness and insurance as an employee benefit.
FinSMEs
06/07/2021