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Healthy Paws

Healthy Paws
October 13 2020

The high cost associated with veterinary services has encouraged customers to purchase a pet insurance policy. Expenditure on unexpected veterinary surgeries as well as on treating critical animal health conditions like cancer and cruciate ligament tears can cost owners between $10,000 to $20,000 USD. Pet insurance provides multiple benefits such as coverage for all animals irrespective of their age and full coverage for acquired disorders. Added benefits like 80-90% coverage on treatment costs could boost the demand for pet insurance policies, stimulating market growth.

The accidents and illness policy segment in the pet insurance market is projected to garner 8.5% growth through 2025. There has been a considerable rise in the number of companies offering pet insurance policies with maximum benefits. This policy offers reimbursement for the treatment of urinary tract infections, broken bones, burns, poison ingestion, X-rays, surgeries, swallowed objects, hospitalization, and laboratory tests. Accidents and illness schemes provide coverage for many chronic illnesses, the treatment cost for which is exorbitant without insurance.

The U.S. pet insurance market is estimated to witness 12% growth during the forecast period owing to increasing awareness regarding the benefits of pet insurance policies and the high cost of veterinary services. The region's pet insurance industry is in its initial growth stage and is expected to develop rapidly compared to other countries. Major service providers in the region are coming up with innovative schemes that tackle the growing concerns among owners regarding their pet's health.

In the Spotlight - The Mind Share Game

Petplan Pet Insurance is a Philadelphia-based pet insurance company, providing insurance for pet owners to cover veterinary bills. It was founded in 2003 by Chris Ashton and Natasha Ashton.

Lemonade Insurance Company is an American property and casualty insurance company headquartered in New York City offering renters and home insurance policies for homes, apartments, co-ops, and condos and is now expanding into pet insurance. 

Wagmo is a modern pet insurance company, built with new pet parents in mind. Wagmo's wellness and insurance plans empower pet owners to get the care they need for their pets when they need it the most. 

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Since last week, PrivCo has added:
3738 Companies | 131 Funding Activities | 129 M&A Deals

Funding & Deal Highlights:

Sora has raised a $2.7 MM round, led by Union Square Ventures, to bring on more faculty, software engineers for back-end support and managers to work on curriculum development. Other participating investors in the round include Village Global, ReThink Education, Firebolt Ventures, Peak State Ventures, Contrary Capital, and angel investor Taylor Greene.

Pacaso raised $17 MM in Series A funding, with Maveron leading the round and additional investment from Crosscut and Global Founders Capital. Among the individual investors are former Starbucks CEO and chairman emeritus Howard Schultz; leading real estate coach Tom Ferry; former Zillow President of Media and Marketplaces Greg Schwartz; and Amazon CEO of Consumer Worldwide Jeff Wilke. Pacaso has also secured $250 MM in debt financing to purchase shares of homes.

Cisco is making another acquisition to expand its reach in security solutions, this time specifically targeting DevOps and the world of container management. It is acquiring PortShift, an Israeli startup that has built a Kubernetes-native security platform.

Morgan Stanley announced today that it has received regulatory approval from the Federal Reserve to acquire E*TRADE Financial Corporation. Morgan Stanley and E*TRADE expect to complete the transaction on October 2, 2020.

Clearlake Capital Group LP and TA Associates Management LP-backed IT and security operations automation company Ivanti agreed to acquire MobileIron Inc. for a total value of about $872 MM and Pulse Secure LLC for an undisclosed sum.

Uber Freight, the logistics arm of Uber Technologies, Inc., raised $500 MM in Series A preferred stock financing.

Icon Health & Fitness, a Logan, Utah-based provider of connected fitness equipment and software, received a $200 MM growth investment.

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