How This Pet Startup Raised $4.5 Million in Funding

Story excerpt provided by Entrepreneur.

Written by Jane Porter.

A free online course “Beyond Silicon Valley: Growing Entrepreneurship in Transitioning Economies” launched through Coursera this month, using Cleveland as a funding case study. Come back to Entrepreneur.com as we feature additional interviews with experts and instructors connected to the six-week course. For more in the series, check out Think Like Cleveland.

While at the Wharton School of Business, Laura Bennett and Alex Krooglik realized there was a tremendous untapped business opportunity in the U.S. pet insurance market. People loved their pets, yet they had no way to ensure their safety and healthcare. The two put together a business plan that won their school’s business plan competition. But they would need more than a plan to get their business off the ground.

Not long after graduating in 2003, the two moved to Cleveland when Bennett’s husband was relocated there for a job. Without knowing much about the area, they set down roots for their new company Embrace Pet Insurance.

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Originally published May 5, 2014.