January 15, 2008 – Receives Funding from Three Major Investment Firms Totaling $22 million.
Seattle, January 15 2008 – Trupanion today announced it has received $22 million in financial backing lead by Maveron LLC. Trupanion is focused on making pet insurance easier for owners and is excited to use this financial endorsement to launch its innovative services throughout the United States.
“Our goal at Maveron is to find quality consumer businesses from more obscure markets and help bring them in to the mainstream,” said co-founder of Maveron Dan Levitan. We believe pet insurance and more specifically Trupanion to be both a categories and company worth this level of investment. They are innovative, customer focused and cutting edge and we believe they will be extremely successful in setting new standards for pet insurance in the United States.”
Maveron LLC has been instrumental in funding and supporting the success of major consumer companies such as eBay “NASDAQ”, Capella University “NASDAQ”, Pinkberry, Cranium, and Shutterfly “NASDAQ” – just to name a few.
Trupanion’s innovative approaches include:
Available to puppies and kittens only (under one).
$20,000.00 worth of lifetime coverage.
Fees never change due to aging of a pet and/or submission of claims.
Pet owners can choose any licensed Veterinarian and all standard fees will be paid.
90% of the costs of all approved claims are covered.
Trupanion owns its own insurance company.
Darryl Rawlings, founder and CEO of Trupanion holds 8 years of experience already in this highly competitive market. He is also the founder of Canadian based Vetinsurance – the number one recommended pet insurance company by Veterinarians. Trupanion is the only pet insurance company who “owns” it’s own nationally licensed property and casualty insurance company. All of the other pet insurance companies on the market today are underwritten by one or more unrelated insurance companies making them reliable and vulnerable to a variety of factors outside their control.
“I’m proud of what I’ve learned over the past 8 years and I’m happy to bring this knowledge to the U.S. market” said Darryl Rawlings, founder and CEO of Trupanion. “I believe our product is not only dramatically different from our competitors in terms of the puppies and kittens only policy but with 31 failed pet insurance companies to date – I think our ability to fund our own policies via our own insurance company is key to our customer service, satisfaction and longevity!”
“Given the size and potential success of the pet insurance industry we believe there is an enormous opportunity in the U.S.,” said Dan Leitan, co-founder of Maveron. “From this, our goal is to demonstrate leadership through Trupanion’s superior product and service in U.S. market.”
Trupanion’s board of directors holds a vast and varied wealth of experienced business leaders including Murray Low, Dan Levitan, Tim Graff, Hays Lindsley, John Kramer, Darryl Rawlings, and Rob Jackson.
Veterinarians also get rewards and benefits from Trupanion pet owners. A knowledgeable, trained specialist – called a “Territory Partner” will routinely call on Veterinarians and their staff to ensure they are getting their needs met. “We are committed to providing Veterinarians and their staff with world class support for our products”, said Darryl Rawlings co-founder of Trupanion. “We consider veterinarians and their entire staffs as key customers and hopefully evangelists of Trupanion.” We love and care for pets and our number one priority is delivering the best care possible.
Trupanion begins rolling out its product and services across the 50 states starting January 15, 2008.