PET-TECH: cutting-edge technology and startups for the pet industry

In turn, the pet universe seems to become the best friend of investors looking for new technological opportunities. More and more startups are entering the market with innovative game-changing offerings.
As the trend of treating pets like family members gains momentum, the pet tech industry is growing significantly, and venture capital firms are quickly recognizing the potential of this industry.

Today, the pet industry is witnessing a rise in business initiatives aimed at the diverse needs of today's pet owners. Areas such as health and well-being, food and nutrition, technology, and pet services, and much more are the areas that attract all attention.

Recently, startups in the industry have multiplied, and new ones continue to appear, mainly those of the DTC (Direct-To-Consumer) style.
 

Why join the pet-tech sector?

Pet humanization

Digital natives spend more time searching for online solutions for their pets. They are spending more and more money on personalized solutions that fit their pets' needs. Today, it is not uncommon to see that owners buy more expensive products if they are ecological, organic, or kinder to the environment or the natural pets' growth.

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Just as in human nutrition, the boom in personalized food packages continues according to the consumer's requirements, tastes, or eating plans. In the pet food industry, this trend is only growing. The startup Butternut Box, for instance, has received £280 million in funding to continue its project to prepare and deliver healthy meals and snacks for dogs, according to TechCrunch.

Other sectors attracting funding are the design of personalized meals by weight and needs of each pet and alternative proteins with vegan, cellular agriculture, precision fermentation, and insects.

Disruptive healthcare models

The high costs of veterinary care have always been a problem and, in many cases, an impediment when it comes to adopting or acquiring a pet or not. This is being addressed by the emergence of new comprehensive and lifetime insurance plans that are expanding the available and accessible options.

The case of Get Joy, for example, has already expanded beyond food and has entered on-demand veterinary services after generating an initial round of funding in January 2022. There are also other successful cases, such as pet friendly, which promises personalized 'human-safe' subscription boxes for flea and tick medications and supplements with custom packaging featuring pets' pictures.

Additionally, we are increasingly finding telemedicine platforms that connect owners with veterinarians, subscription delivery services, and wearable health monitors to track vital signs and detect early signs of potential health problems.

A new pets' well-being era

Human trends such as gut and mental health, immunity, oral and skin care, and anti-aging through supplements and other products have also extended to pets. A simple search online will yield pet spa-like salons with services like manicures and pedicures, body treatments like massages, and more.

Toothbrush wipes, new products to clean tear stains, and ear cleaning products of natural origin are other products on the rise. Witch hazel, for example, has historically been used for skin care in humans and is now beginning to be seen in skin care and cleaning products for the face, eyes, and ears of pets.

Apps and digital products

The pet health app segment is expected to account for more than 25% of this market share by 2032. Many smart devices are already being developed to monitor pet health, such as the Dearbuds PE technology, launched in February 2023 by Linkface, which, through a digital device, controls the humidity levels of the ears of dogs and cats to avoid and prevent infections. Even the company behind the famous GoPro cameras is already thinking about this market. The Fetch Dog Harness model allows you to capture images from different dogs' perspectives while they run, play, or dig holes in the ground.

Conclusion

In the current macroeconomic environment, offering unique products or services that work to add real value and solve consumer problems is essential to establish yourself and gain market share. The industry is already clear that owners now demand the same for their pets as they would for themselves or any other family member.
The trends we have invested in for years in consumer brands are transforming the pet industry at an even faster pace, and investors are increasingly interested in participating in the capital allocation of innovative projects.

The pet startup ecosystem is driven by a passion for pets and a commitment to innovation. Hand in hand with these emerging ventures, it will be possible to reinvent pet care, combining technology, personalization, and social impact to provide a comprehensive and enriching experience for both pets and their owners. With each new venture, the industry grows and offers more possibilities to improve the lives of man's best friends.

Source: All Pet Food Magazine.