Digital media company Group Nine Media Inc., which is backed by Discovery Inc. and owns The Dodo (“emotionally and visually compelling, highly sharable” animal content), has taken a minority stake in pet insurance company Petplan, the companies announced in a joint press release yesterday.
“Petplan will assume the name Fetch by The Dodo in [May] 2021 combining best-in-class insurance technology and superior coverage with the brand strength and massive community of The Dodo,” the announcement said.
According to yesterday’s Wall Street Journal, where additional details of the deal were first reported, Group Nine CEO and Thrillist founder Ben Lerer will become part of Petplan’s board of directors. “The deal includes an equity stake, as well as a brand-licensing and marketing services arrangement through which Group Nine and The Dodo will be paid to promote Petplan’s offerings,” The Journal reported.
Petplan, which was acquired by private equity firm Warburg Pincus in 2019, currently has about 250,000 active insurance policyholders (subscribers), according to The Journal’s report.
More to come.