It’s 'the first cloud-based pet insurance.'
HCS Capital Partners, a Miami-based private equity and operating firm, has made a $4 million investment in FIGO Pet Insurance.
Founded in 2015, FIGO describes itself as "the first cloud-based pet insurance." It offers "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."
Pet Cloud "allows consumers to socially engage with fellow pet owners, find grooming and boarding locations, and discover other services within the pet ecosystem," according to a press release.
FIGO CEO Rusty Sproat said, “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 noted that the U.S. pet insurance market has nearly $1 billion in annual revenue and is growing at 10 percent per year.
HCS Capital CEO Alex Horvitz said, “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.”