Tracking Pet Startups
& the Pet Tech Industry
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Pet health startup Invetx scores $25.5 million
Boston-based Invetx announced that it has raised an additional $10.25 million in Series A financing, bringing the total amount raised since February to $25.5 million.
Invetx is a pet health company that is trying to create biological drugs for dogs and cats. Biological drugs are made from living organisms such as blood, proteins and DNA. These drugs tend to be at the forefront of medical advances and are typically used for conditions for which no other treatments are available. Botox is probably the most widely known biologic.
Invetx uses the science underlying biologics for humans to develop biologic drugs for pets. While the company does not yet have a finished product, it will begin pilot studies later this year.
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Chinese pet care company lands over $100 million in funding
New Ruipeng Pet Healthcare Group Ltd, a Shenzhen-based company that offers a variety of pet services and products has secured over $100 million in investment capital.
Funding was led by Chinese tech giant Tencent and includes German animal health company Boehringer Ingelheim.
New Ruipeng, which was founded in 2013, operates more than 1,400 pet clinics around China. Many are located in stores on busy retail streets, and offer both medical services and pet products. This latest funding round brings the company's market valuation to $4.4 billion.
The Chinese pet care economy is projected to hit $66 billion by 2023, with millennials driving the growth. Currently, there are approximately 12,600 pet clinics throughout China.
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This pet photographer charges $195 for a two hour session
Sarah Meashaw is a photographer who runs a custom-designed studio out of her Bethesda, Maryland home. For the last two years she has photographed pets full-time.
In a typical week, she does about four shoots. Most of her clients are regulars who consider their pets their children, Meashaw says.
Many customers are pet social media influencers and need new photos every few weeks. Meashaw charges $195 for a two-hour session, and most of her clients end up spending $600 to $1,800 on products such as custom wall art and photo albums.
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Helsinki airport using dogs to detect Covid
Four Covid-19 sniffer dogs have begun work at the Helsinki airport in a state-funded pilot program that Finnish researchers hope will provide a cheap, fast and effective alternative method of testing people for the virus.
The dogs are capable of detecting the presence of the coronavirus within 10 seconds and the results are nearly 100% accurate.
Scientists are not yet sure what exactly it is that the dogs sniff when they detect the virus. A French study published in June concluded that there was “very high evidence” that the sweat odor of Covid-positive people was different to that of those who did not have the virus, and that dogs could detect that difference.
A similar trial started at Dubai International airport last month and Australia, France, Germany and the UK also have projects in the works.
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Other News
- Boqii, the largest pet-focused online retailer in China, went public on the NYSE this week.
- Rarebreed Veterinary Partners, a Maine-based owner and operator of 17 vet hospitals, received a substantial minority investment from New York private equity firm Trilantic Capital Management.
- Joe Inglis, a TV veterinarian in the UK, is seeking investors for a kitchen gadget that allows pet owners to create fresh pet food at home. Inglis previously founded Tails.com, a service that provides home delivery of custom dog and cat meals. Tails.com was acquired by Nestle Purina in 2018.
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