Figo, a Chicago startup that offers insurance plans for pets, is getting scooped up by holding company JAB.
JAB announced the deal Tuesday, the terms of which were not disclosed. Figo has raised $18 million in funding since launching in 2012, according to Crunchbase.
The deal for Figo is part of a larger push by JAB to enter the pet care market. The firm also announced it has purchased a majority stake in Cardif Pinnacle, a pet insurance subsidiary of French bank BNP Paribas. It also operates a pet care division that includes 1,400 veterinary hospitals and clinics, according to Bloomberg.
The deals today follow JAB's previously announced acquisition of Independence Holding Company’s pet insurance business, which includes consumer brand PetPartners and IHC’s pet insurance underwriting business. JAB says it now operates a pert insurance platform that is licensed in all 50 states and led by David Kettig, the former president and COO of IHC.
Founded by CEO Rusty Sproat, Figo offers pet insurance along with a cloud-based platform that gives users access to live veterinarians, customer support, claims processing, digital pet record management and even a social network for pet owners.
The acquisition is expected to close by the end of 2021.
