Pet health insurance company Trupanion announced on Tuesday it’s moving into a new headquarters in Seattle’s Georgetown neighborhood, growing its footprint by about 20,000 square-feet in the process.
The company raised about $71 million from an initial public offering in July 2014. Since then, it has hired about 100 more workers to bring total employment to 429. The company says it’s on pace to run out of room in its current Seattle headquarters in the Ballard neighborhood sometime next year.
It’s moving about five miles south of downtown, into 70,000 square feet of the 228,000-square-foot Benaroya 6100 building. Trupanion CEO Darryl Rawlings said that should accommodate future growth, while also letting the company save on rent.
“We have always been very frugal about our facilities spending – rent is simply a frictional cost that doesn’t directly benefit our members,” Rawlings said in a Tuesday news release. “The Benaroya 6100 building is a cost-effective growth solution which should help us continue to drive down our fixed expenses as a percentage of our revenue while gaining brand new, Class A space with all the amenities we need to retain and attract employees.”
Trupanion already has over 260,000 cats and dogs enrolled, which it says makes it the second largest pet health insurance company in the industry that is just starting to plant roots in the U.S. But it says it wants to grow to as much as 750,000 animals within the next five years.
The company counted $116 million in revenue in 2014, but it hopes to reach $145 million by 2020.