Chicago-based Figo Pet Insurance has secured $4 million in funding. The investor was HCS Capital Partners.
MIAMI–(BUSINESS WIRE)–HCS Capital Partners (“HCS”) a Miami based Private Equity and operating firm, announced today it has completed a $4mm investment in FIGO Pet Insurance. This InsurTech investment marks the most recent for HCS, as they continue to deploy capital from their Tech Fund 1, into InsurTech, FinTech and HealthTech opportunities in the U.S. and South America.
About Figo Pet Insurance
FIGO is a Chicago-based InsurTech company founded in 2015. They offer a unique combination of comprehensive insurance policies to protect your pet in the event of injury or illness; as well as an industry-leading Pet Cloud. They have become one of the fastest growing startups in the country, growing 240% last year alone. FIGO utilizes a highly engaging and 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. They will soon be offering their Pet Cloud platform for free. They provide simple, comprehensive, and transparent policies with an award-winning customer service staff, and are widely regarded as one of the leading pet insurance companies.
The pet insurance market in the US has nearly 1 Billion USD in annual revenue and is growing annually at 10% YoY. Widely viewed as one of the most disruptive industries, pet insurance is primed for continued growth and is expected to nearly double by 2023. FIGO CEO Rusty Sproat said recently, “Capitalizing on our current momentum, this investment and partnership will empower us to grow our business and continue to innovate our plans and technology.”
HCS Capital CEO, Alex Horvitz stated, “We were very impressed by FIGO’s achievements, their vision and their ability to transform a low-touch low-tech product like pet insurance into a high tech ecosystem, with a superb digital experience. 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.”
About HCS Capital
HCS Capital Partners is a Miami based global Private Equity and operating firm. They specialize in identifying unique opportunities within established markets and take active roles in the investment by leveraging over 15 years of deep industry knowledge and transformation management experience. They take majority and minority positions in companies located in the U.S. and Latin America, who operate technology enabled platforms in Insurance, Financial Services and Healthcare. They own and utilize unique machine learning and analytics assets including Portendo, which are often used to create differentiating value for their portfolio companies. HCS closed a $10mm round of fundraising for its Tech Fund I in late 2017 and will begin raising Tech Fund II in Q3 2018.