Harlem Capital is excited to announce its investment in Wagmo, a pet wellness company that covers routine and preventive care for dogs and cats. Launched in 2017, Wagmo is based in New York and led by Christie Horvath. She became passionate about starting the company after receiving a $10,000 vet bill for her dog, Denver, during her first year of business school. Christie also began the Techstars NYC program in July 2019.
Jarrid Tingle, Managing Partner at Harlem Capital, was “impressed by Christie’s passion, thoughtfulness, and long-term vision. As more people are having pets and viewing them as part of their families, Wagmo is reducing the cost of care for pet owners. Long-term, Wagmo is positioning itself to disrupt the pet insurance industry.”
“Having a diverse investor base is just as important as having a diverse team. Our team doesn’t look like your average tech startup team, and our product isn’t an average type of product. We want to build something better than the status quo, and it just makes sense to have a team of young, hyper-ambitious, diverse investors behind us,” said Christie Horvath (CEO and Founder of Wagmo).
The U.S. Pet Insurance market is $1bn. It grew at an average annual growth rate of 13.4% from 2013 to 2018 and is projected to grow 7.5% annually from 2018 to 2023 (Source: IBIS World). Less than 1% of pets in the U.S. are covered by pet insurance vs. 20–60% in some European countries.
More than two-thirds of households in the United States own a pet, according to the American Pet Products Association. Americans spent about $70 billion on pets in 2017, including purchases of animals, food, veterinary care, medicines and other services. Pets can have very expensive procedures and if the owner cannot afford them, the alternative is “economic euthanasia” — the necessity of putting a pet down because the owner can not afford treatment.
Wagmo wellness plans start at $14.99/mo and cover wellness exams, vaccines, routine bloodwork, and more. After submitting itemized receipts, pet owners get reimbursed within 24 hours. All pets are welcome, with none getting refused for pre-existing conditions or age and treatments from any provider is covered.
Brandon Bryant, Venture Partner at Harlem Capital, was “excited to partner with Christie on this unique opportunity to solve a huge pain point for many pet owners across the nation. Wagmo provides new resources to cover routine and preventative care for pets with and will soon offer an innovative insurance product that will be a game changer in helping to cover costly treatments from providers.”
Harlem Capital is proud to partner with Wagmo to help pet owners better care for their pets and disrupt the pet insurance industry.
About Harlem Capital
Harlem Capital Partners (HCP) is a New York based early-stage venture capital firm on a mission to change the face of entrepreneurship by investing in 1,000 diverse founders over the next 20 years. Please reach out to us if you are a founder seeking capital.