Galician pet tech firm Barkibu has raised $5 million in a new funding round. Offering both pet insurance and a preventive services app, naturally complete with an AI-powered component, Barkibu intends to use the new funds to further improve and expand its services.
Barkibu’s $5 million round was led by Kfund and saw the participation of existing investor Alma Mundi Ventures. According to co-CEO Pablo Pazos Rey, the company has raised approximately $11 million over the course of its lifespan.
Serving some 20,000 pet parents in both the Spanish and German markets, Barkibu’s insurance policy covers 80% of costs associated with pet illnesses and accidents, and 100% of costs associated with prevention, ie vaccinations and/or annual checkups.
As we highlighted earlier this year, pet ownership exploded during the live-at-the-office experiment, and investors have been lining up to play ball with any and all things pet tech related. And for good reason.
As of October 2022, the global pet care market reached a value of $199 billion and is expected to rise to $338.5 billion by 2031. In Barkibu’s home market of Spain, the pet insurance sector is forecast to reach €150 million by 2027, while the the company’s other active market, Germany, has figures nearing €300 million by the end of this year.
And Barkibu’s numbers fall neatly in line with these projections, with the company reporting a 20% average monthly increase in sales, and a healthy ARR.
Doubling down on its pet health offer, in addition to insurance, Barkibu also offers pet owners an app that provides reminders of vaccination and deworming key dates, an unlimited telehealth service that puts owners in touch with vets via chat or voice, and an AI- based veterinary service that according to the company, is serving thousands of consultations a month.
Last but certainly not least, Barkibu is taking a page from other sector insurance providers, and building out a structured data mechanism that’s helping the company build tools to increase the efficiency of claims management and intelligence.
On the investment, Barkibu co-founder and co-CEO Álvaro Gutierrez commented, “We are thrilled to have Kfund as our partner as we continue to grow and innovate in the pet health insurance space. Our mission is to help pet parents take care of their furry family members, and this funding will allow us to continue to improve and expand our offerings.”