NEW YORK – July 6, 2021 – Wagmo, a leading pet wellness and insurance company, has announced $12.5 million in new financing led by Revolution Ventures with participation from return investors Clocktower Technology Ventures, Female Founders Fund, and Vestigo Ventures. 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 also contributed to the round.
It’s estimated the U.S. pet industry reached $99 billion last year as the pandemic led to record-high levels of pet adoption. By offering the most comprehensive coverage on the market and best-in-class customer service, Wagmo onboarded thousands of new pet parents. They are the only provider to offer wellness and insurance plans separately, ensuring comprehensive coverage for all cat and dog owners regardless of age, breed, or preexisting conditions.
Wagmo Wellness 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. Wagmo plans to use the new funding to scale the team, develop key product features, and secure new partnerships.
The company was founded by Christie Horvath and Ali Foxworth in 2017, who had worked together in the insurance business for many years. During business school, Christie’s beloved dog, Denver, began experiencing grand mal seizures. She took him to a veterinarian expecting prompt and thorough treatment. Instead, while Denver spasmed on the floor, she was presented with an estimate for thousands of dollars in care. Horvath recognized the need for a new kind of insurance and launched Wagmo to provide pet parents with meaningful support and transparency along the way.
“What sets Wagmo apart is our relentless focus on helping our members navigate their pet parenting journey – from the moment they bring them home to the golden years. Our products are designed to be transparent, useful, and complementary to the joy people experience with their furry family members,” said Christie Horvath, CEO and Co-Founder of Wagmo.
Millennials will soon make up the largest cohort of pet parents and many are requesting pet services through their employer. At the same time, employers are looking for added benefits to attract and retain top talent in an ever-tightening labor market. Earlier this year, Wagmo rolled out B2B services, partnering with companies like MongoDB and Salesforce to offer wellness and insurance as an employee benefit. As people return to the office following COVID, there will be a heightened need for pet care and education which Wagmo provides through free telemedicine and discounted training support.
“Currently, only 3 percent of pets are insured due to poor customer experience and outdated offerings from legacy carriers. Yet pets have become an increasingly prominent part of owners’ lives, particularly for younger generations. Wagmo exceeds the expectations of today’s pet parents by offering superior customer experience through its mobile-first technology, SMS messaging support, and easy reimbursements through streamlined online payment systems,” said Clara Sieg, Partner at Revolution Ventures. Sieg and Graham Ober, Vice President at Revolution Ventures, will join Wagmo’s board.
About Wagmo
Wagmo is a tech-first pet wellness company built with new pet parents in mind. Wagmo’s wellness and insurance plans empower pet parents to get the care they need for their pets when they need it the most. Wagmo alleviates the financial stress of routine and emergency pet care from grooming to essential maintenance, cancer treatments, and emergencies without having to compromise. The company was founded in 2017 by Christie Horvath and Ali Foxworth and is headquartered in NY. To learn more about Wagmo, please visit:www.wagmo.io.
About Revolution Ventures
Revolution Ventures is Revolution’s institutionally-backed early stage fund investing in companies around the country that are attacking large, multi-billion dollar categories. Co-founders Steve Case and Investment Partners Tige Savage, David Golden, and Clara Sieg work with companies that meet their disciplined criteria and form true partnerships with founders to help them build market-leading businesses. Revolution Ventures is headquartered in Washington, D.C. and part of Revolution’s family of funds including Revolution Growth and the Rise of the Rest Seed Funds. Visit us online at revolution.com/ventures or @Revolution.
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