Embrace Pet Insurance Acquisition, Valuation, Funding & Investors

Embrace Pet Insurance was acquired by JAB Holding Company for $1.5B in November 2023, a 6.9x multiple on $216M of revenue.

Embrace Pet Insurance acquisition price

$1.5B

Acquired by JAB Holding Company · Nov 2023

Embrace Pet Insurance revenue at acquisition

$216M

Last twelve months · Nov 2023

Embrace Pet Insurance revenue multiple at acquisition

6.9x

EV/Revenue · Nov 2023

Cumulative funding Embrace Pet Insurance raised

$5M

across 1 funding round

Embrace Pet Insurance Overview

About Embrace Pet Insurance

Embrace Pet Insurance is a Cleveland-headquartered provider of accident and illness policies for dogs and cats across the United States. Policies reimburse eligible veterinary costs for hereditary conditions, cancer treatments, dental illnesses, hip dysplasia, and alternative therapies like acupuncture and chiropractic care. The company offers wellness rewards covering routine care such as vaccinations and flea prevention up to specified limits. Launched in 2006, Embrace processes claims within two days on average and provides a dedicated pet helpline available around the clock. It partners with veterinary clinics nationwide for seamless reimbursements and maintains an A+ rating from the Better Business Bureau.


Founded

2005

HQ

United StatesCleveland, OH

Status

Acquired

Customer focus

B2C

Revenue model

Product sales

Revenue

$216M (Nov 2023)

Valuation

$1.5B (acquired Nov 2023)

Embrace Pet Insurance Acquisition

Embrace Pet Insurance was acquired by JAB Holding Company for $1.5B on 29 November 2023.

The acquisition price implies a 6.9x revenue multiple on $216M of revenue.

Before the acquisition Embrace Pet Insurance had raised $5M across 1 funding round.

JAB Holding Company acquired Embrace Pet Insurance, one of the fastest-growing pet insurance brands in the United States, closing the transaction in November 2023 for $1.5 billion. Embrace provides comprehensive pet health insurance for dogs and cats with strong customer satisfaction metrics, including Apollo AI claims processing technology that speeds up claims processing by 75% compared to traditional methods. At the time of acquisition, Embrace had achieved significant scale with 500,000 pets insured and had processed over 4.6 million claims since its founding in 2006, including more than 1 million claims in 2023 alone. The acquisition represented a strategic expansion of JAB Holding's pet insurance platform, which was simultaneously building out its portfolio through multiple complementary purchases. Alongside the Embrace deal, JAB's Independence Pet Holdings subsidiary acquired Pets Best Insurance Services (in partnership with Synchrony Financial) and Felix Cat Insurance, positioning the combined platform to serve diverse pet owner segments. This acquisition was part of JAB's broader mission to establish a global leader in pet insurance and build a comprehensive pet health and wellness ecosystem, combining insurance products with pet health services to serve pets throughout their lifecycle.

Embrace Pet Insurance acquisition details
AcquirerDateTypePriceEV/Revenue
  • JAB Holding Company
29 Nov 2023PE buyout$1.5B6.9x

Embrace Pet Insurance Funding History

Embrace Pet Insurance has raised a total of $5M across 1 funding round.

Embrace Pet Insurance funding rounds

Embrace Pet Insurance funding rounds
DateStageRaisedDeal Summary
May 2014Seed$5MEmbrace Pet Insurance raised a total of $4.33M to $4.5M across 8 funding rounds or 1 consolidated round. A funding event occurred on or around May 5, 2014 or June 5, 2014 for $4.5M. Investors included NSM Insurance Group, NCT Ventures, JumpStart, and Wharton Venture Initiation Program.

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Embrace Pet Insurance Competitors

Embrace Pet Insurance competitors include listed companies like Safety Insurance Group, Trisura Group, Hagerty and Wuestenrot & Wuerttembergische, and private ones like Nirvana Insurance and Ominimo.

Public and private companies comparable to Embrace Pet Insurance
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Nirvana InsuranceUnited StatesSan Francisco, CAPrivate--$1.5B-
Safety Insurance GroupUnited StatesUnited StatesPublicly listed$1.3B$135M$1.5B1.2x
Trisura GroupCanadaCanadaPublicly listed$622M$142M$1.5B0.6x
HagertyUnited StatesUnited StatesPublicly listed$1.5B$185M$1.5B1.4x
Wuestenrot & WuerttembergischeGermanyGermanyPublicly listed$6.6B$350M$1.5B2.1x
OminimoHungaryHungaryPrivate$350M-$1.6B4.6x

Embrace Pet Insurance Public Comps

Embrace Pet Insurance is no longer listed, but its public comps include Safety Insurance Group, Trisura Group, Hagerty, Wuestenrot & Wuerttembergische, Croatia Osiguranje, Kemper, UFG Insurance, MAPFRE Perú, Grupo Nacional Provincial and Ategrity Specialty.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Safety Insurance Group$1.3B$135M1.2x1.2x11.2x-
Trisura Group$622M$142M2.4x0.6x10.5x-
Hagerty$1.5B$185M1.4x1.4x10.7x7.5x
Wuestenrot & Wuerttembergische$6.6B$350M1.7x2.1x31.5x-
Croatia Osiguranje$753M$111M1.9x-12.7x-
Kemper$4.8B$274M0.5x0.5x8.9x-
UFG Insurance$1.4B$170M1.0x1.0x8.3x-
MAPFRE Perú------

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Common questions about Embrace Pet Insurance

When was Embrace Pet Insurance founded?Embrace Pet Insurance was founded in 2005.
Where is Embrace Pet Insurance headquartered?Embrace Pet Insurance is headquartered in Cleveland, OH, United States.
Is Embrace Pet Insurance publicly listed?No, Embrace Pet Insurance was acquired by JAB Holding Company in November 2023.
Who acquired Embrace Pet Insurance?Embrace Pet Insurance was acquired by JAB Holding Company in November 2023.
How much was Embrace Pet Insurance acquired for?Embrace Pet Insurance was acquired for $1.5B in November 2023, a 6.9x revenue multiple.
How much funding has Embrace Pet Insurance raised?Embrace Pet Insurance has raised $5M across 1 funding round.
What was Embrace Pet Insurance's last funding round?Embrace Pet Insurance's last funding round was a $5M seed round in May 2014.
Which companies are comparable to Embrace Pet Insurance?Companies comparable to Embrace Pet Insurance include Nirvana Insurance, Safety Insurance Group, Trisura Group, Hagerty, Wuestenrot & Wuerttembergische and Ominimo.

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