| Trupanion, Inc. | |
| Type: | Public |
| Traded As: | NASDAQ: Russell 2000 component S&P 600 component |
| Founder: | Darryl Rawlings |
| Location City: | Seattle, Washington |
| Location Country: | U.S. |
| Area Served: | Puerto Rico, Canada and The United States |
| Industry: | Pet insurance |
| Services: | Insurance |
| Revenue: | US$904.1 million |
| Revenue Year: | 2022 |
| Operating Income: | -US$43.001 million (2022) |
| Net Income: | -US$44.6 million (2022) |
| Assets: | US$671 million (2022) |
| Equity: | US$305 million (2022) |
| Parent: | Vetinsurance International, Inc. |
Trupanion, Inc. is a pet insurance provider headquartered in Seattle, Washington established in 1998. Operating across the United States, Canada, Australia, and Puerto Rico, Trupanion offers coverage for pets. The company is self-underwritten by the American Pet Insurance Company (APIC).[1]
Trupanion, initially known as Vetinsurance, was founded by current CEO Darryl Rawlings in Canada in 1999.[2]
Throughout its history, Trupanion has successfully secured funding to support its growth initiatives. In 2007, the company raised $22 million from investors including Maveron, RenaissanceRe, and a large private equity group.[3] Subsequently, a Series B round was completed in 2008, followed by a $9 million Series C round of financing led by the Highland Consumer Fund in 2011.[4] [5]
In 2014, Trupanion went public, raising $71 million during its initial public offering (IPO).[6] The company continued its growth trajectory, culminating in October 2020 with the completion of a Private Investment in Public Equity (PIPE) funding round amounting to $200 million. By the end of the 2020 fiscal year, Trupanion reported revenue of $502 million.[7]
In 2023, Darryl Rawlings announced plans to step down from his position as CEO by 2025 and serve the board until 2035.[8]
In 2021, Trupanion introduced two new pet insurance products, namely PHI Direct and Furkin.
These insurance offerings were specifically launched in Canada and are designed to provide pet medical coverage through online platforms, offering various price points to cater to different needs and budgets.[9] [10]
In 2010, Trupanion was recognized by The Seattle Times Company (NWJobs.com) as Seattle's 'Most Pet-Friendly Company.' This acknowledgment was based on the company's policy allowing employees to bring their pets to work, as well as its provision of a full-time dog walking service exclusively for Trupanion employees.[11] Additionally, The Seattle Times honored Trupanion with the 'Most Unusual Perk' title for offering employees the option to insure their pets with a $0 deductible.[12] In the Best of KOMO Communities survey conducted by KOMO News, Trupanion was awarded both 'Best Place to Work' and 'Best Local Business' accolades.[13]
In 2011, The Huffington Post recognized Trupanion as one of nine companies in the nation that promote a healthy work-life balance for their employees.[14] Notable companies on the list included Google, Netflix, and Zappos.
Furthermore, on August 9, 2012, The Puget Sound Business Journal announced Washington's Best Workplaces at Safeco Field in Seattle and honored Trupanion with the Washington's Best Workplaces 2012 Large Company Bronze Medal.[15] [16]
In May 2011, Trupanion forged a partnership with the American Humane Association to support the Second Chance Fund, an initiative dedicated to providing financial aid to animal welfare organizations.[17] [18]
Additionally, in August 2012, the American Humane Association announced Trupanion's sponsorship of the service dog category in the 2012 American Humane Association Hero Dog Awards, further demonstrating Trupanion's commitment to recognizing and honoring the contributions of service animals.[19] [20]