Seattle pet insurance company Trupanion is moving its 425 employees, and their 200 pets, to a new headquarters in the Georgetown neighborhood.
Seattle pet insurance company Trupanion is moving its 425 employees, and their 200 pets, from Ballard to a new, larger headquarters in the Georgetown neighborhood.
The move will give Trupanion 70,000 square feet, a 40 percent increase from its current space, and the potential to eventually occupy the entire 228,000-square-foot building.
Trupanion, which went public a year ago, has grown from 335 employees at the end of 2013 and plans to keep adding staff at a fast pace in the next year. Employees are split now between two buildings, said TJ Houk, Trupanion’s vice president of analytics.
The company will move in the first half of 2016.
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Backed by Seattle’s Maveron, Trupanion raised $71 million when it went public in July 2014. It has never posted a profit, but touts the fact that it is now debt-free and its subscriber base is growing steadily.
Trupanion brings in revenue on subscribers who enroll their pets for a flat monthly fee that covers a variety of health issues. The company has 260,000 total pets enrolled, it reported in its second quarter results last week, a 25 percent increase from a year ago.
Trupanion is competing against a growing number of pet insurance companies, including the ASPCA and Healthy Paws, and battles investor concerns that it isn’t growing fast enough.
But analysts from investment banking firm Stifel Nicolaus, which helped take Trupanion public, insist Trupanion has a good strategy and will continue expanding.
“I certainly think it has very solid long term potential,” Stifel analyst Jonathan Block said Tuesday. “People are very committed to their pets. …The increasing spending on pets that goes on creates a need for a medical insurance plan like Trupanion.”