What Pet Parents Need to Bridge the Financial Gap

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

The current COVID-19 pandemic has changed many things about how we interact with the world. For one, it accelerated the adaptation of virtual medical services for people — and for their pets. And, as many people searched for comfort and companionship during the pandemic, pet adoption rates soared and the need for affordable pet health care increased.

According to the American Pet Products Association (APPA), 67% of American homes currently own at least one pet. However, despite the high number of pets in the U.S., the current options for pet healthcare remain expensive and inadequate. The industry lacks options for emergencies, thus creating a need for pet parents looking for solutions beyond what is available Two essential pain points for pet owners are access to quality vet care and the ability to pay for that service. 

The Importance of Having Accessible, Affordable Medical Care for Your Pet

According to the APPA, Americans spent $99 billion on their pets in 2020. Pets have become family members. However, not every American can afford expensive medical care for them especially in the event of an unexpected emergency—81% of pet owners would not be able to cover an unexpected $5,000 out-of-pocket expense.

Pet owners should not be in the position to make difficult healthcare decisions based on accessibility or financial restraints. Pawp steps in to fill the gap by offering on-demand telehealth via a 24/7 digital vet clinic with a $3,000 emergency fund. 

The company’s ultimate goal is to help pet parents become more educated, equipped, and financially empowered to take the best possible care of their furry loved one. 

Many vet offices were forced to close or keep limited hours during the pandemic, but Pawp offered a 24/7 digital vet clinic providing crucial access to pet care for many who would otherwise be without it.

The Current Pet Market

According to The American Society for the Prevention of Cruelty to Animals® (ASPCA), 23 million U.S. households acquired a pet during the COVID-19 crisis. Approximately 44% have a dog and 35% have a cat.  

The expense of medical care for animals can be crushingly expensive, and the cost of care can force a pet owner to make unwanted decisions. Pawp wants to reduce the number of pets who are surrendered or put down because an owner can’t afford medical care for a pet. 

Why Is Pawp Different?

Pawp is an on-demand digital vet health clinic and telehealth platform that connects pet owners with veterinary professionals within minutes, without needing an appointment.

Traditional pet insurance markets itself like health insurance; in reality, it’s more akin to car insurance. Just as maintenance is not covered by auto policies, routine animal care is not covered in most pet health insurance plans, despite premiums averaging $42.45 per month for dogs and $20.99 per month for cats.

Pawp revolutionizes pet medical care, offering one flat $19 monthly membership fee for full access to its digital clinic and emergency funds regardless of a pet's age, breed, location or preexisting conditions. Traditional pet insurance requires individual plans for each pet, at best offering a small bundling discount. One Pawp plan, on the other hand, protects up to six beloved pets (cats and dogs) in a household for no extra cost.

The Pawp plan also covers emergencies related to preexisting conditions.

Pawp Corporate Highlights

The latest round of funding brings the total funding raised to $16.3 million. For more information please visit the company’s website.

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.