Updated: Jul 16, 2021
Odie Pet Insurance (Odie), one of the fastest-growing pet insurance companies on the market, has raised a $3 million investment round to fund its growth strategy and to establish itself as a leader in the space in June 2021. Over the next 18-24 months, funding will be used to enhance Odie's consumer facing technologies, continue business development and marketing efforts, and acquire top-tier talents.
“We are truly fortunate to be a part of Odie’s journey as they set new standards for tech-enabled pet insurance. They've already received significant traction with enterprise level partners to expand their services within the fast-growing, pet sector. We are certain that this capital raise will expedite their vision and ability to serve pet parents,” said Mark Young, Co-founder of Bridge Point Capital.
Odie is a tech-enabled pet health insurance company that helps pet owners pay for unexpected health and wellness expenses. They provide affordable and quality coverage that gives people the flexibility to customize a monthly plan according to their budget and pets' needs. It headquartered in Agoura Hills, California with additional offices in New York City.
Odie's unique distribution strategy is a two-pronged approach aligning itself with strategic insurance distribution partners and other pet sector affiliates in order to streamline and control costs.
Some of Odie's Highlights:
Affordability: 15%-30% cheaper with equivalent or better margins than comparable coverage; with rates that will not increase more than 10% in any year.
Transparency: addressing a major problem of pet insurance, Odie provides customers with the most predictable long-term pricing and easy-to-understand coverage and policies.
Flexibility: pet owners can fully design their own packages according to their specific needs and preferences.
Full Stack Integration: does not source its insurance plan from a 3rd party. The platform vertically integrates marketing/distribution, underwriting, program management, and carrier
Recent development in the pet insurance sector is so valued because of the expanding market. Over the last six to eight months, the pet industry has seen an enormous boom in pet adoption rates. This number will add to the over 184 million dogs and cats in the U.S., as noted in the North American Pet Health Association's (NAPHA) 2020 State of the Industry Study. Yet, this same study revealed that less than 2% of pet owners get their furry loved ones insured.
Miles Thorson, Co-founder and CEO of Odie Pet Insurance, sees this as a largely untapped market opportunity with the potential for rapid and tremendous growth. “We're incredibly excited at the growing need for affordable and high-quality pet insurance. Since pet ownership has really skyrocketed in the U.S. during the pandemic, we feel the timing is better than ever to bring on capital in order to accelerate our growth and our ability to serve pet parents."