Odie Pet Insurance has closed on more than $3 million in new funding to accelerate its growth and invest in technology.
California-based Odie Pet Insurance Marketing sells pet insurance plans underwritten by PrimeOne Insurance Co. Inc. and ClearBlue Insurance Group. It is served also by Thorson Specialty Insurance Services, the managing general agency for PrimeOne.
According to Miles Thorson, co-founder and chief executive officer, Odie targets the growing number of “pet parents” among Millennials and Gen Z’s with what it touts as “greater coverage flexibility, stable and predictable annual premiums, and shared values that are centered around pet wellness.” It sells direct to consumers on its website as well as through embedded insurance arrangements with other companies targeting pet owners and with employee benefits providers.
The company says only 2% of dog and cat owners have pet insurance.
The investment round was led by Walkabout Ventures and Slow Ventures. Family offices and individual investors also made direct investments into the round.
“Their abilities to provide embedded pet insurance solutions and a high level of customization to partners was a key differentiator,” said Josh Diamond of Walkabout Ventures.
The new funding will be put toward claims and payments automations, increasing member portal functionality, and the expansion of partnerships.
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