Hartville Group, a provider of health insurance plans for domestic pets, has obtained $2.25 million in funding from existing investors.
The funding provides Hartville with additional financial flexibility to continue to execute its strategic growth initiatives, with the goal of expanding its pet policy base.
The company said that it received $2.25 million in funding through the issuance of 1.5 million shares of common stock at a price of $1.50 per share. The company also issued warrants to purchase 750,000 shares of common stock at an exercise price of $1.50 per share. The warrants expire in March 2013.
Dennis Rushovich, CEO, said: We are pleased to announce this additional financing from our existing shareholders, as we believe it reflects their confidence in our ability to execute on our growth strategy and in the value created by our recent capital structure improvements.