NEW YORK, June 15, 2022 – Pawlicy Advisor, the leading pet insurance marketplace, announced today both its expansion into veterinary corporate groups to accelerate the modernization of pet insurance education across the country and that the company raised a $12 million Series B funding round led by StepStone Group. The round also included participation from Defy Partners, Rho Ignition, Slow Ventures, and ERA’s Remarkable Ventures Fund. This brings the company’s total funds raised to approximately $20 million to date.
This announcement underscores Pawlicy Advisor’s success in elevating the standard of pet insurance education across the country — making it easier for pet owners to find the right financial solutions to budget for pet care.
“Our veterinary practices focus on giving pet parents access to all the premium care they need to give their pets the best life possible,” said Ben Cunningham, VP Veterinary Operations of NewDay Veterinary Care, the most recent veterinary corporate group to team up with Pawlicy Advisor. “Pawlicy Advisor offers the best streamlined, modernized solution to educating clients about pet insurance - an important tool for providing the best care possible.”
Pawlicy Advisor will use the new funding to further serve the veterinary community, grow its pet insurance marketplace, enhance its core offerings, and make key hires in several departments.
“Pawlicy Advisor is demonstrating that it can be a market leader, with a nationally recognizable brand and unique distribution channels,” said Seyonne Kang, Partner at StepStone Group. “We believe Pawlicy Advisor is well-positioned to become the leading authority on pet insurance, and we look forward to working with the management team as they further innovate and grow the firm’s position in the industry.”
As the industry continues to flourish, Pawlicy Advisor will leverage its unparalleled capabilities to harness and expand market demand.
“This announcement is an important milestone for Pawlicy Advisor — we set out to build an enduring company that would fundamentally transform the pet owner’s ability to give pets the best care possible,” said Woody Mawhinney, CEO & co-founder of Pawlicy Advisor. “We’re thrilled to team up with leaders in the veterinary industry and top-tier investors with successful track records in the pet care space.”
Pawlicy Advisor’s Series B funding builds on the company’s expansive growth. In the last 12 months, the business has teamed up with veterinary practices to increase the number of pet parents who learn about their pet insurance options by 1,000%, redefining the way U.S. pet owners acquire treatment financing solutions. In 2022, the company joined the American Animal Hospital Association’s (AAHA) Preferred Business Provider network, establishing Pawlicy Advisor’s brand as the recommended name for pet insurance for veterinary practices and pet owners alike.
Prior to this round, Pawlicy Advisor raised approximately $8 million in previous fundraising efforts. Pawlicy Advisor is a member of VetPartners and the North American Pet Health Insurance Association.
About Pawlicy Advisor
Pawlicy Advisor is the leading, independent pet insurance marketplace offering personalized comparisons based on breed-specific attributes and total cost predictions for the lifetime of the pet. Pawlicy Advisor's data-driven model brings transparency and simplicity to shopping across top pet insurance providers. Moreover, Pawlicy Advisor is recommended by the American Animal Hospital Association and used by veterinary practices to streamline and outsource the pet insurance conversation to a licensed third party. Pawlicy Advisor's team of pet parents and veterinary advisors are dedicated to making it easy and affordable to do the right thing for our animal companions - and have served over three million pet parents to date.