White-label pet insurance provider Rainwalk Technology has announced $4m in seed funding, led by ManchesterStory.
Insurtech Gateway, Bridge Capital, Seaplane Ventures, and others also participated in funding Rainwalk.
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The funding will be used to invest in people, product and technology for Rainwalk that will power partnerships and initiatives that further differentiate the firm’s offering in the sector.
Pet insurers in the US have witnessed success in direct-to-consumer channels but the insurtech is looking to improve market penetration with alternative and tech-forward distribution channels.
“Since I first met Josh during the Global Insurance Accelerator (GIA) in 2021, I knew Rainwalk had the potential to change the adoption of pet insurance in the US,” said Nicole Gunderson, principal at ManchesterStory, and former managing director at the GIA.
“Josh and the strong industry team he’s built since are doing just that. At ManchesterStory, we invest in game changers and we knew we had to partner with them to fuel growth.”
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By GlobalData“By prioritising thoughtful product design, seamless pet insurance integrations and exceptional operations support, our team has demonstrated continued channel growth opportunities that are scalable and cost-effective,” added Joshua Snead, founder and CEO of Rainwalk Technology.
“We’re relentlessly committed to being an industry-leading pet health insurtech, and we’re thrilled to grow our capabilities alongside new investors who share our vision.”
Rainwalk offers pet insurance coverage for accidents and illnesses with limited exclusions compared to competitors.
In addition, Rainwalk policies are convenient to purchase and provide valuable benefits like free virtual vet visits and exclusive pet brand discounts, caring pet parent support and hassle-free reimbursements.
Other insurtechs are gaining investment recently. Pula, a Kenyan agro-insurtech start-up, has closed a $20m (Ks2.62bn) Series B financing round, led by investment manager BlueOrchard through its InsuResilience strategy.
The investment is aimed at expanding insurance access for smallholder farmers in emerging markets, protecting them against climate-related events such as floods and droughts.
IFC, the Bill & Melinda Gates Foundation, Hesabu Capital and existing investors also contributed to the latest round.
