Pet insurtech Rainwalk Technology, the white-label pet insurance technology provider, announces $4 mn in Seed funding led by ManchestorStory with participation from Insurtech Gateway, Bridge Capital, Seaplane Ventures, and several insurance and reinsurance executives (see How InsurTech Can Optimize Pet Insurance Industry?).
Rainwalk’s platform allows partners to offer customized pet insurance services efficiently and economically, enhancing customer experiences through digital interfaces.
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.
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.
According to American Pet Products Association’s (APPA) National Pet Owners Survey, 151.1 million, or 70% of, households in the U.S. reported owning a pet, and will spend an estimated $32.3 billion on vet care and products (pharmaceuticals and items purchased through veterinary clinics, excluding food and treats) in 2023, up from $31.4 billion in actual costs in 2020.
The Global Pet Insurance Market size values at $8 bn in 2023, and is projected to reach $18 bn by 2030, growing at a CAGR of 14% from 2023 to 2030
By prioritizing product design, seamless pet insurance integrations and exceptional operations support, our team has demonstrated continued channel growth opportunities that are scalable and cost-effective
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”, says Joshua Snea.
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 (see What is the Cost of Pet Insurance).
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.
Rainwalk Technology is an insurtech company based in Columbia, South Carolina, specializing in pet insurance. They offer a white-label, turnkey pet insurance product that helps insurers increase customer retention and generate new revenue streams.
Partnered with Allianz, one of the largest pet insurance underwriters globally, Rainwalk provides robust backing for its insurance offerings.
Their product is designed to be integrated easily into existing digital P&C insurance brands, allowing these brands to manage user experiences and monetize their customer bases without developing a pet insurance program from scratch.
by Peter Sonner
