US-based pet insurance administration company Companion Protect has garnered $27m in its Series A funding round to expand product and partner offerings.

Various fintech and strategic investors including Avanta Ventures, Liberty Mutual Insurance and Old Republic International Corporation led the financing round.

The pet insurance administrator plans to use the funds to boost digital advances in claims processing to augment the customer experience.

Companion Protect founder and CEO Chuck Laue said: “This round will accelerate Companion Protect’s disruption of the pet health space and help many large, trusted, national brands introduce their own pet health solutions.”

“We’re thrilled to have the support of Avanta Ventures, Liberty Mutual Insurance, and Old Republic International Corporation, in addition to our seed investors, as we continue to disrupt the pet health industry and bring pet healthcare to the masses.”

Using the PALS platform, Companion Protect offers a smooth pet insurance and wellness experience to insurers as well as pet owners. 

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The company offers pet insurance programmes for personal lines insurance firms such as Liberty Mutual, Safeco and CSAA Insurance Group.

It has also developed a pet insurance programme for animal shelters, rescues and animal shelter software providers. 

Companion Protect anticipates launching various other programmes in retail, employee benefits and standard property and casualty sectors later in 2023 and beyond.

Avanta Ventures managing partner Sanjiv Parikh said: “Avanta Ventures is proud to invest in and join Companion Protect on its growth trajectory and journey to transform pet health. 

“We are excited by Companion Protect’s approach to the pet health space and to be there for pets and their families when needed most.”