How Wagmo is Supporting the Pet Parenting Journey: An Interview with Founder & CEO Christie Horvath
By: Female Founders Fund
Tags: Pets And Animals, Female Founders, Startup, Insurance, Venture Capital

Wagmo co-founders Christie Horvath (L) and Ali Foxworth (R)

Today, pet insurance startup Wagmo announced their $12.5 million Series A financing, led by Revolution Ventures with participation from Female Founders Fund, Clocktower Technology Ventures, and Vestigo Ventures. Angels, including Jeffrey Katzenberg, Jim Grube, Marilyn Hirsch, David Ronick, and Michael Akkerman, also participated in the round.

In 2020, pet adoption numbers surged by 110% in the US, massively accelerating continued growth in the pet tech industry as a whole. Wagmo saw explosive triple-digit revenue growth over the pandemic, and plans to use the new funding to scale the team, develop key product features, and secure new partnerships.

We recently sat down with Founder & CEO Christie Horvath to learn more about her inspiration in starting Wagmo, her experience virtually fundraising for her Series A, the biggest opportunities she sees in the pet insurance space, what’s on the horizon, and more.

Christie, what was your inspiration in starting Wagmo in 2017?

Christie with her dog, Aspen

I am an animal person through and through. I grew up with animals, and would generally rather hang out with a dog than a human. When my dog, Denver was diagnosed with a terminal brain tumor in 2017, I realized just how traumatic and expensive pet parenting can be.

Pet insurance exists today, but is designed to do the bare minimum. Like many pet parents, I was frustrated that I was paying monthly for something that I rarely used. I expected it to help with things like exam fees, training, and telemedicine — but it didn’t. So instead of settling, I built it!

For those who are not familiar, how would you describe Wagmo? How is it different from other pet insurance options?

Wagmo is the only provider to offer wellness and insurance plans separately, ensuring comprehensive coverage for all cat and dog owners regardless of age, breed, or preexisting conditions.

Wagmo Wellness customers receive 24-hour reimbursements through Venmo, Paypal, or direct deposit. We offer 100% reimbursement for accidents and illnesses and avoid opaque insurance lingo and hidden barriers around claim reimbursements such as high deductibles and copays or unexpected restrictions around approved providers.

What sets Wagmo apart is our relentless focus on helping our members navigate their pet parenting journey — from the moment they bring them home to the golden years. Our products are designed to be transparent, useful, and complementary to the joy people experience with their furry family members.

What are Wagmo’s current offerings? What states is it available in?

Our flagship product is our Wellness Plan which reimburses pet parents for things like exam fees, vaccines, even grooming and flea, tick and heartworm meds. Unlike old school pet insurance offerings, Wagmo allows pet parents to sign up for Wellness on a standalone basis, meaning they don’t need to have Insurance first.

For those who do want complete coverage, Wagmo also offers an accident and illness plan that covers the emergency and unexpected expenses like surgeries, cancer treatment, x-rays and more.

Because our plans are designed to meet parents where they are in their journey — members can always start with Wellness and add Insurance later.

Wagmo Wellness is available in all 50 states, and Wagmo Insurance is currently available in 42 states and is expected to be nation-wide this summer.

Congratulations on closing Wagmo’s Series A, which attracted some incredible funds and angels! How did your fundraising experience differ from raising your Seed round vs Series A?

Fundraising is oddly something I enjoy. It’s an incredible opportunity to evangelize for our product and team. The Seed round was all in-person meetings, where the focus was more on our “founder-market-fit” and the potential of the business and vision.

The Series A ended up being fully virtual, which added a new layer of complexity. It’s not a natural thing to sign over $10m to someone you’ve never met in person, so the passion and metrics really had to shine. This round was much more focused on our business’s performance, trajectory, and team.

What was your experience like fundraising virtually during COVID? Did you notice a difference in the amount of access you had to investors?

Frankly, it was much easier to raise virtually than in person. Fundraising is exhausting no matter how much your business is crushing it, and not having to travel around the city to meet folks in person meant I could be far more attentive to prioritizing my physical health. It also meant I wasn’t limited by my travel schedule or time zones. My Seed round ended up being very NYC-heavy, whereas we have a nice mix of east/west coast investors joining the A.

Any fundraising advice for other founders raising their Series A?

Run a process and have conviction in your business. If you’re building a VC-backed company it means you’re building a billion-dollar business, and you have to believe that and project that down to your bones. You will pitch people who ghost you, neg you, or flat out disagree — you have to rebound quickly and focus your energy and time on the investors who “get it.” Inauthentic behavior is easy to spot, so just be you.

Throughout COVID lockdown, pet adoption numbers surged by 110% in the US in 2020, massively accelerating continued growth in the pet tech industry as a whole. How was Wagmo’s growth impacted during this time?

Wagmo saw triple-digit revenue growth over the pandemic, and the vast majority of our members are new pet parents of puppies or kittens.

How have you seen the pet industry shift and change throughout COVID? Any predictions for the years ahead?

Throughout COVID we have seen the pet industry very focused on healthier, more accessible and customizable products, from virtual vet visits to organic and wholesome pet food.

Post-Covid, I predict we will start to see more of a focus and appreciation on how pet parenting is healthy for humans. From promoting an active lifestyle to offering companionship and comfort, pet parents may be some of the happiest humans, this can translate in meaningful ways in the workplace, schools, and many aspects of our everyday lives.

What’s on the horizon for Wagmo with this new stage of growth and financing?

Wagmo plans to use the new funding to scale the team, develop key product features, and secure new partnerships.

Check out positions we’re hiring for here: https://jobs.lever.co/Wagmo

Wagmo is known as the pet insurance for millennials. How did you think about creating a product with this demographic in mind?

Insurance can be complicated, but Wagmo is easy and fun. We realize Wagmo’s pet insurance may be the first insurance product some of our customers have had to purchase independently. We actively focus on education, community, and having an easy-to-use tech product and user experience. In all we do, we seek to be authentic and represent the real experiences of our customers. Millennials can detect a gimmick or hook, so we don’t even bother and just tell it like it is.

What long-term role do you envision Wagmo playing in the quickly changing pet tech landscape?

What we’re building extends far beyond *just* pet insurance. Our vision is that Wagmo continues to evolve to meet our members’ needs along the enter pet parenting journey. Whether that means new product lines or additional features, we designed Wagmo to be useful and supportive of all that it means to be a pet parent.

What do you see as the biggest opportunity in the pet insurance space?

It seems like a low bar, but we find that being transparent and honest with our members goes a long way to set us apart from the competition. Most people don’t trust their insurance companies, and we are determined to change that.

Why do you believe you’re the right founder to revolutionize pet insurance?

I know this is unusual, but I genuinely love insurance. I started my career working with insurance companies at BlackRock, and I find the business model and entire industry fascinating. I knew I wanted to stay in the insurance industry, and pairing my love of insurance with my obsession with my dog makes this my absolute dream job.