Tracking Pet Startups
& the Pet Tech Industry
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FirstVet lands $35 million to come to America
Swedish startup FirstVet, the leading veterinary telemedicine provider in Europe, is expanding to the USA after securing a $35 million Series C round.
FirstVet currently operates in six markets: Sweden, Norway, Finland, Denmark, Germany and the UK. In the last 12 months, the company's revenue grew 2.5 times and its workforce has grown to 60 employees in addition to the 250 veterinarians on staff.
Since its inception in 2016, FirstVet has raised a total of $65 million in funding.
In the US, FirstVet will compete with Fuzzy Pet Health and whiskerDocs, two telemedicine startups that have seen dramatic growth because of COVID-19.
FirstVet will also have to navigate the myriad state laws that limit the scope of veterinary telemedicine in the US. These laws prohibit vets from diagnosing a condition or prescribing medication without personally examining a pet and creating what is know in the industry as a Veterinary-Client-Patient Relationship (VCPR.) Without an established VCPR, an online vet is limited to "triage" - the giving of basic medical advice.
FirstVet said it plans to expand into Canada and France in 2021.
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A 70-year-old entrepreneur is reinventing the invisible dog fence
Ken Solinsky thought he was retired when an irrigation contractor he'd hired to work on a sprinkler system mentioned how often he'd accidently cut the wires for invisible dog fences.
Solinsky, a long-time dog owner, was intrigued.
Three years later, SpotOn Virtual Fence was born.
Unlike traditional invisible fences that use underground cables to broadcast signals to a dog's collar, SpotOn uses GPS technology to keep dogs in a contained area.
Solinsky brought the product to market last year and he quickly found interested customers. In its first year, his Manchester, New Hampshire-based company, OnPoint Systems, reached nearly $2 million in revenue. This year, in part because of the pandemic, the company expects sales to triple to as much as $7 million. Altogether, it has sold 5,000 fences.
According to the American Pet Products Association, 6% of dog owners, or nearly 4 million households, have invisible fences or other containment systems. Solinsky believes he can push that market up to 10%, and possibly create some more high-tech pet products along the way.
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Itch raises $9.6 million to expand
Another European pet startup is planning to take on the US market.
Itch is a Leeds, UK-based startup that sells a direct-to-consumer flea & worm subscription service.
The company was founded in 2019 by brothers Johny and Adam Gould, who also own the online UK pet retailer Monster Pet Supplies.
In less than two years, Itch has surpassed 110,000 customers and is on track to do more than $13 million in revenue this year.
Itch will use the funding to launch its service in the US and to expand into the pet insurance sector.
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Interesting Reads
The Genius Dog Challenge is underway and it promises to find the world's smartest dog. And of course, all the finalists are Border Collies.
A high tech pet detective has reunited more than 1,000 missing pets since opening his business eight years ago.
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Other News
- Jinx, a dtc dog food startup, launched a text-to-buy feature for its customers.
- Investment firm Clearlake Capital has acquired Wellpet, a company that sells pet food and treats under several brand names. Wellpet, a 400 employee business based outside of Boston, was created by rolling up numerous small pet food manufacturers.
- Scout & Zoe's, a dog treat manufacturer, has created a line of treats made with black soldier fly larvae.
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