CHARLOTTE – A Raleigh-based pet insurance company has raised $55.6 million from investors, according to a filing Thursday with the Securities and Exchange Commission.
Insurance Pet Holdings raised the money from 27 investors and sold stock, options and warrants.
The company recently acquired cat insurance company Felix for an undisclosed amount. In addition to providing insurance for more than 800,000 pets, Insurance Pet also offers microchip identification and an online pet registry.
Dogs make up the majority of insured pets in the United States, with 80.1% of insured dogs compared to 19.9% of insured cats, according to the North American Pet Health Insurance Association State of the Industry Report. The total number of pets insured in 2022 reached 5.36 million, up from 4.4 million in 2021, according to the report.
The pet insurance market size was valued at $9.4 billion in 2022 and is estimated to expand at a compound annual growth rate of 17.04% from 2023 to 2030, according to Grand View Research.
Its CEO is Lane Kent, who had served as chief operating officer since the company’s formation in 2021. He became CEO at the beginning of 2023 and has more than 30 years of industry experience, including holding executive positions at Mutual of Omaha, New York Life, Univita/LTCG, and Southern Guaranty Insurance.