The American pet insurance firm aims to use the investment to grow the business further.
Chicago-based pet insurance company Independence Pet Group (IPG) has raised $55.6 million (€50.9M) through 27 contributing investors.
The company told GlobalPETS that “the capital will be used to support the growth of the business.”
The capital injection comes 2 months after IPG acquired cat insurance company Felix for an undisclosed amount. The company will spend the rest of this year developing the brand’s strategic plan and identifying product and partnership opportunities.
Executive updates in 2023
IPG appointed Lane Kent as the company’s new CEO at the beginning of 2023 after working for the company as chief operating officer.
Talking about possibilities for new, innovative companies in the pet insurance sector, Kent pointed out to GlobalPETS that most of the major players have come into the space “without the burden of antiquated systems and processes.”
Other executive shifts include the appointment of Sami-Jo Nevin as Chief Commercial & Administrative Officer. She is responsible for building the company’s insurance business through new distribution channels, as well as its industry and government relations activities.
Samantha Watson, who had previously worked within the company, was named Chief Strategy Officer. Adding to her previous areas of responsibility, such as growth strategy, Watson will focus on enterprise-wide strategy and leadership of a host of new ventures.
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