Eusoh has announced a new fundraising round, with $1.3m raised. The cash injection was led by Insurtech Gateway with Sure Ventures also involved. Eusoh has launched into the US pet market and the company say they have demonstrated 50% savings for customers in their first year. They are now building out a digital distribution plan with some of the leading pet and pet health brands.
Behind this new paradigm is a revolutionary approach to managing risk through community loss-pooling, a lighter capital structure, and significant changes in customer behaviour. And not least, the unlocking of novel channels of distribution.
Allen Kamrava, Eusoh Founder & CEO commented “We are working towards our goal of revolutionizing how we protect one another. First with pet care. Next with healthcare products.”
Stephen Brittain, co-founder of Insurtech Gateway commented, “Many insurance categories are locked in price wars that they cannot sustain. Eusoh has the potential to be the next paradigm. The impact this could have, not only of the pet sector, but on healthcare and other critical areas of insurance is significant. We are very excited to be backing Allen and his team, as they build traction.”
The pet insurance market has boomed during lockdown as many people who previously would not have a dog or cat due to being away from home for 11-14 hours per day, are now sitting in front of a laptop wearing their jimjams. As technology improves vets are now able to perform a much wider range of operations and treatments, but that naturally leads to a rise in vet bills – the solution for many can be specialised pet insurance.
Eusoh was founded in 2017 by Allen Kamrava, M.D., MBA with a vision for organizing the power of community to provide a better, more affordable way for people to manage and share the unexpected expenses of life. The name Eusoh is derived from the term eusociality, the highest level of social organization in nature.