16 March 2018Insurance

Insurtech FIGO secures $4m investment

Chicago-based insurtech company FIGO Pet Insurance has secured a $4 million investment from private equity firm HCS Capital Partners.

FIGO offers a combination of comprehensive insurance policies to protect your pet in the event of injury or illness. The company also offers mobile-friendly “Pet Cloud” that allows consumers to socially engage with fellow pet owners, find grooming and boarding locations, and discover other services within the pet ecosystem.

The pet insurance market in the US has nearly $1 billion in annual revenue and is growing annually at 10 percent YoY. The pet insurance market is expected to nearly double by 2023.

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

HCS Capital CEO, Alex Horvitz added: “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.”

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