Trupanion Announces Plans to Relocate Headquarters to Accommodate Rapid Growth
Today Trupanion, Inc. (NYSE: TRUP), a direct-to-consumer, monthly subscription business that provides medical plans for cats and dogs, announced it has entered into a ten-year lease agreement with Benaroya Capital Company. The high-growth company plans to move its headquarters nine miles south from its current Ballard locations to the pet-friendly, Benaroya 6100 building located in the Georgetown neighborhood, an area minutes south of downtown Seattle.
The decision to relocate comes at a time when the company is focused on reducing its fixed expenses while maintaining its rapid growth. On the heels of the company’s one-year anniversary since its initial public offering (IPO), Trupanion has experienced a 30% increase in employee count, growing from 335 employees this time last year to 425 employees and their over 200 office pets.
“We have always been very frugal about our facilities spending – rent is simply a frictional cost that doesn’t directly benefit our members. The Benaroya 6100 building is a cost-effective growth solution which should help us continue to drive down our fixed expenses as a percentage of our revenue while gaining brand new, Class A space with all the amenities we need to retain and attract employees,” said Trupanion CEO, Darryl Rawlings. “Just as important, this 228,000 square-foot newly upgraded building has the capacity to accommodate our long-term growth.”
The company estimates to move in the second quarter of 2016, before its current lease expires in the third quarter of that year.
Trupanion is a high-growth leading provider of medical plans for cats and dogs throughout the United States and Canada. For almost two decades, Trupanion's medical plan has given pet owners peace of mind so they can focus on their pet's recovery, not financial stress. Trupanion is committed to providing pet owners with the most value in pet medical insurance. Trupanion offers a simple, fair and comprehensive medical plan for cats and dogs that pays 90 percent of the actual veterinary costs for unexpected illnesses and injuries with no payout limits. Trupanion is listed on the New York Stock Exchange under the symbol TRUP. Trupanion was founded in 2000 and is headquartered in Seattle, WA. For more information please visit Trupanion.com.