In recent years, the pet care industry has gone through a remarkable surge in popularity, driven by the increasing number of pet owners seeking premium services and products for their furry companions. What is right now a US$100 billion industry is expected to triple to US$275 billion by 2030 according to Morgan Stanley, owing to more new owners, favourable demographics, and significantly high per-pet spending.
However, amid this booming market, startups focusing on pet care are facing an uphill battle in securing adequate funding to meet the growing demand. Despite the immense potential and passionate entrepreneurs driving innovation, many pet care startups find themselves in a financial struggle.
Leap Venture Studio, a venture organization formed in partnership between Mars Petcare, a leading pet care company and Michelson Found Animals, an animal welfare organization, along with R/GA Ventures, launched a program designed to usher in growth for pet care startups.
The Leap Venture Studio and Academy is the first startup-centric program created to spur innovation in the ecosystem. Since 2018, Leap has worked with over 40 companies who are trying to help pets and their owners. Found Animals Founder Dr. Gary Michelson began the organization after Hurricane Katrina, establishing the first free microchip registry to help pet owners find lost pets. Mars Petcare leverage thorough veterinary care, nutrition, ground breaking diagnostic programs, wearable health monitoring, DNA testing and pet welfare, to help pets in over 130 countries.
Leap Venture Studio recently announced the startups selected for its 2023 global cohort, which presented their stories at the Leap Venture Studio Cohort 7 Demo Day today, an online event full of innovative ideas for pet care. The six startups have been working closely with the Leap partners for the last 12 weeks, culminating in today’s online pitch event.
The myriad pitches brought forth ideas in the different aspects of pet lives, easing the way for their owners to care for them. At the same time, they also indicated towards market value for long term investment.
For instance, MI:RNA uses the latest innovations in science and technology to transform early veterinary diagnostics. Tobi Pets is a user-friendly and trustworthy place that caters to pet lovers in LatAm to meet the health and wellness needs of their furry friends. Dr. Cuddles, which is founded by an accomplished vet wants to make pet care common sense for every pet owner.
And Blue Pet Co offers a range of clean, marine powered dog supplements, which contain seaweed extracts to meet a dog’s specific health needs, in a natural and sustainable manner. Bundle x Joy offer premium superfood nutrition and curates product bundles of supplements and treats to dog lovers at a daily subscription rate of US$2. In addition, it has a 3% give-back policy to aid women entrepreneurs. Oncotect is the first and only company offering canine cancer screening tests directly to pet pairs.
The event was an assuring eye opener for investors who have any doubts about the pat care market, which is undoubtedly thriving as pet owners increasingly prioritize the well-being of their furry companions. However, while the demand for innovative pet care services and products continues to soar, startups in this sector face significant funding challenges. Leap Venture Studio is ensuring that with the right resources and opportunities, these startups can contribute to the evolution of the pet care industry, ensuring that pets receive the best care possible.