TL;DR
- Embedded pet health insurance provider Rainwalk has raised $4 million.
- Investment led by ManchesterStory with participation from Insurtech Gateway, Bridge Capital, Seaplane Ventures, and several insurance and reinsurance executives.
- As of 2022, only 4.8 million out of the 141 million pets in the US were insured. That is less than 4%.
- Funding will fuel continued expansion into alternative distribution channels to help get more pets insured – and unlock the huge market potential for pet insurance in the U.S.
Rainwalk, keeping pets healthy and happy
Rainwalk Technology, the leading white-label pet insurance technology provider, today announces $4 million in Seed funding led by ManchestorStory with participation from Insurtech Gateway, Bridge Capital, Seaplane Ventures, and several insurance and reinsurance executives. The capital will fuel investments in people, product, and technology that will power partnerships and initiatives that further differentiate Rainwalk’s pet health ecosystem in the marketplace.
“We have been observing the pet market for many years, knowing that it is a massively underserved market, but insurtech founders have always struggled with traction. When we met Rainwalk and saw the growth they had already achieved with their unique distribution strategy we jumped at the opportunity to support their Seed round. Josh is an impressive founder, his background in Insurance technology and B2B sales is a perfect fit for Rainwalk’s tech enabled B2B distribution strategy.”
Richard Chattock, CEO at Insurtech Gateway
While many pet insurers in the US have seen great success with Direct-to-consumer channels, Rainwalk is looking to dramatically improve market penetration by investing in new, alternative, and tech-forward distribution channels historically overlooked by incumbents.
“By prioritizing 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. 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.”
Joshua Snead, Founder and CEO of Rainwalk Technology
Based in Columbia, SC, Rainwalk is a high-growth team of animal lovers who believe no pet parent should have to choose between their budget or providing the best possible care for their pets. Rainwalk offers generous pet insurance coverage for accidents and illnesses with limited exclusions compared to competitors. 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. Pet parents increasingly engage with Rainwalk’s mobile app for vet bill reimbursements, free virtual vet appointments, policy management and to access exclusive discounts – with more pet health capabilities coming this year.
“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 U.S. 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.”
Nicole Gunderson, Principal at ManchesterStory, and former Managing Director at the GIA
GET IN TOUCH
To learn more about Rainwalk or inquire about embedding pet insurance into your business, please visit rainwalkpetinsurance.com/partner or email partners@rainwalk.io.
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