Let’s discover PetTech 🐶
In Europe, 85 million households have at least one pet…. which represents a considerable market. Moreover these last years there has been an increase of all the sectors intended for humans (FoodTech, HealthTech) and animals… PetTech is here!
3️⃣ The 3 PetTech categories
The Pet Food :
These are all startups that innovate to produce healthier products for pets, eCommerce platforms, or pet subscription platforms.
Example: Butternut Box
Butternut Box, a London-based fresh food delivery startup for dogs, was founded in 2016 by Kevin Glynn and David Nolan. The idea started because Co-founder David Nolan and his family adopted a dog from a rescue center and soon found it suffered from a few health issues and realized that it was doing better by feeding it healthy ingredients. The startup sells dog food with the best quality ingredients to keep dogs healthier and happier. Butternut Box has so far raised $28 million throughout 5 funding rounds.
Pet Health :
Example: Dinbeat
Dinbeat is a Spanish startup that was founded in 2016. Dinbeat is specialized in providing a wearable medical device. The device tracks the most important vital signs of a pet’s from a remote wireless monitor and receives an alert to cloud software and push notifications through a software application platform.
… and everything else is considered General PetTech
Example: VARRAM
Korean pet startup VARRAM created the next generation of smart toys for your pets. They make robotic toys using AI to entertain your pets when you are away from home.
🔮 Trends and figures
The sector is expected to grow fast…
- ~4% annually for the Pet Food sector
- ~7% for the Pet Health sector
Increase in pet humanization
- More and more pets are seen as people in their own right. Therefore, pet owners are willing to spend more on their health and well-being.
Covid impact on the sector
- Global lockdown led to a spike in pet ownership. The context favored this: people were isolated, and remote work allowed more time to take care of their pets. Covid has accelerated innovation in the PetTech sector.
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