In a fickle financial market, two year old pet fintech company Fursure's CEO Catherine Dennig closes an oversubscribed Seed+ round, cementing a bright future ahead for the company.
MIAMI, Oct. 27, 2022 /PRNewswire-PRWeb/ -- Fursure, the leading pet insurance marketplace and mobile banking solution for pet parents, today announces its recent Seed + raise of $3 million led by MaC Ventures. To raise at this caliber in a wavering economy is an indicator of Fursure's unique product offering and unmatched value the company brings to the pet market. Joining MaC Ventures in this raise for pet fintech is participation from Sure Ventures, Scrum VC, Western Tech Investment (WTI), Slope Fund, Winklevoss Capital; and phenomenal existing funds including Streamlined Ventures and Upside Partnership; as well as world-class angels.
Since its founding in 2020 Fursure has helped over 60,000 pet parents get access to the care they need. There are over 185 million pets in the US and the pet industry is a $120B market slated to grow to $277B by the end of the decade (source). 97% of pets are uninsured, leaving pet owners vulnerable to hefty fees in the event of an emergency. The average cost of a visit to the vet ER is $800-1,500 (source). It is Fursure's mission to close the gap between consumer and pet insurance and help pet parents plan ahead to alleviate unexpected financial stress.
"A huge number of families have beloved pets", says Kent Goldman of Upside Partnership. "Like their humans, these members of our families can fall ill or need emergency medical attention. But not enough people have set aside money for their pets' wellness. This can lead to them skipping regular check-ups, taking on sudden debt, or being forced to reckon with an unimaginable choice. What we love about Fursure is that in a massive market, it helps people do something they want to do but don't know how to do: ensure the wellness of pets entrusted to their care, while protecting their own financial health."
Fursure's co-founding team is an impressive duo. Catherine Dennig and Keji Xu, former senior product manager at Facebook and the youngest solutions architect at Amazon respectively, launched the company in 2020 with a marketplace that made it easier to find and compare pet insurance policies. Just a year later, in 2021 Dennig and Xu were among the year's Forbes' 30 Under 30, honored for their Innovation in Tech.
The success of Fursure's marketplace led Dennig and Xu to develop a first-of-its-kind Pet Rewards Debit Card that helps pet parents save for their pet's healthcare. Fursure Card holders earn supercharged points on everyday spend that can be redeemed towards the cost of veterinary bills. It launched in April 2022 to a 16,000 person waitlist.
Leading the Seed+ round is the highly regarded MaC Ventures, a firm specializing in technology start-ups. "We see a huge opportunity in Fursure's pet insurance product, which is innovating in a space that has been underserved for decades,'' says Adrian Fenty, GP and Managing Partner of MaC Venture Capital. "People are hungry for a one-stop-shop for pet care, so by providing both financial services and insurance Fursure will fill that niche. Based on their experience and their own personal love for their pets, we feel there is no better team to make this happen than Catherine and Keji."
Leading the raise efforts was the company's CEO, Catherine Dennig. She sought out investors grounded in the seed stage, ones who have invested in legendary consumer, fintech and health companies. All of Fursure's new and existing partners have strong missions and founder expertise and a portfolio of success. This raise brings Fursure's total to $6.6M in funding. The first Seed round co-led by Moxxie Ventures and Streamlined Ventures in 2021 closed at $3M. With this latest investment, Fursure plans to propel the business forward with unique pet healthcare product developments, further establishing it as a financial one stop shop for pet parents. Dennig is conscious of the customer they are building for, what their needs are, and where there are gaps in the market that Fursure is uniquely positioned to fill.
"We've seen fantastic innovation, specifically with pet food, but now there needs to be an era of pet health. Pet health has surpassed pet food as the fastest growing category of pet spend. There hasn't been a financial one-stop-shop platform for pet parents to pay for care across the board. That's what we're building, so everyone can do right by their pets and get them the best care possible, within their budgetary means."
Sara Spiegel, Fursure, 1 937-478-9235, [email protected]