Pet tech funding round-up: Summer 2021

18 Aug 2021

Rhino Ventures Asia Careers Details

The pet tech industry is a key focus area for us at Rhino Ventures Asia, particularly as we are preparing for the launch of MyPetGo, our in-house developed pet health and location monitor, with an AI-powered app to provide next-step solutions.

This space has undoubtedly been garnering more interest from investors, and as we follow news on big raises for pet-related startups and other relevant projects, we felt it was high time we started sharing a monthly round-up. But let’s first take an overall glance at what happened this summer, starting with the biggest raises:

Name: Bought By Many
Sector: Pet Insurance
Raise: USD 350M

This UK-based pet insurance provider raised their whopping USD 350m in a series D round, led by EQT Growth. This brings their overall valuation to over USD 2b, a huge feat considering they launched in 2012 and decided to focus purely on pet insurance in 2017.

Name: Modern Animal
Sector: Veterinarian Services
Raise: USD 75.5M

Bringing their total 2021 funding to USD 75.5M, this US-based veterinary services company announced together their USD 35.5M series A from earlier in the year, led by True Ventures and Addition, along with a recent USD 40M series B led by Founders Fund. Their goal is to continue reinventing the veterinary experience for both the pet-owners as well as veterinarians, by harnessing technology and design to bring the industry into the 21st century.

Name: Embark Veterinary
Sector: Canine Genetics
Raise: USD 75M

In a series B round led by SoftBank Vision Fund, the Boston-based canine genetics company will be able to further develop their at-home DNA testing kits. Currently, they test for over 350 breeds, more than 200 genetic health risks, and many physical traits to empower dog owners, breeders, and veterinarians to make personalised care plans based on their dog's unique genetic profile.

Name: Butternut Box
Sector: Dog Food
Raise: USD 55.4M

This personalised subscription service had been delivering human-grade dog-food across the UK since 2016. In this funding round led by L Catterton, they secured 55.4m to continue to leverage its innovative digital platform and raise the bar in the growing pet food market.

Name: Heads Up For Tails
Sector: Pet e-Commerce
Raise: USD 37.2M

Indian pet e-commerce site announced their Series A round of funding of USD 37.2M led by Verlinvest and Sequoia Capital India. While most of the money will go towards increasing development and distribution, they also aim to increase awareness among existing and new pet parents on the need for pet wellness and care.

Name: MixLab
Sector: Veterinary Pharmaceuticals
Raise: USD 20M

Launched in 2017, this US-based digital platform for enabling veterinarians to prescribe medications and have them delivered, has raised their series A round of USD 20M led by Sonoma brands.

Name: Felmo
Sector: Mobile Veterinarians
Raise: USD 17.5M

Just six months after their series A funding, the Berlin-based digital platform for mobile vets closed their series B of USD 17.5M. It was led by Burda Principal Investments and will allow them to expand to other cities, both domestic and international, as well as growing its e-commerce offering.

Name: Diggs
Sector: Pet Products
Raise: USD 13M

With their award-winning dog crates, Diggs have made a name for themselves within the premium pet products sector since their inception in 2016. With their USD 13M series A investment led by Venn Growth Partners, they promise to develop new products, diversify marketing channels, grow the team, and importantly, create a new design and development facility in Long Island City.

Name: Wagmo
Sector: Pet Insurance
Raise: USD 12.5M

Wagmo announced their USD 12.5M series A funding round led by Revolution Ventures to further develop and expand their pet insurance packages. At present they offer transparent pet insurance packages, as well as a wellness service which reimburses pet parents for the more basic stuff, like vaccinations, grooming, regular vet visits, fecal tests, and bloodwork.

Name: Laika
Sector: Pet e-Commerce
Raise: USD 12M

The Colombian pet e-commerce provider has confirmed their series B funding of USD 12M in which the accelerators, Y Combinator, Inqlab, Streamlined Ventures and past investors such as Justin Mateen, founder of Tinder participated. Since their initial round they have expanded across Latin America to Mexico and Chile, and plan on continuing this growth.

Name: AnimalBiome
Sector: Pet Medical Research
Raise: USD 8.6M

With an increased desire to get to the root cause of pets’ chronic issues, related to digestion and skin, AnimalBiome’s research aims to help the pet industry as a whole. With a series A funding round of USD 8.6M led by Cargill, the plan is to accelerate new products and insights into pet microbiome modulation research.

Name: The Vets
Sector: Mobile Veterinarians
Raise: USD 7M

US-based mobile veterinarians platform raised a USD 7M seed round lend by Pico Ventures to continue expanding their services across the country.

Name: Dutch
Sector: Digitised Veterinarian Services
Raise: USD 5M

Dutch, an online service specialising in diagnosing and treating common issues such as allergies and anxiety, through holistic, yet scalable methods, closed their seed round of USD 5M led by Forerunner Ventures.

Name: PetScreening
Sector: Risk Assessment Software
Raise: USD 3M

This first-of-its-kind screening platform that empowers property managers to outsource their pet risk assessment and assistance animal validation processes raised USD 3M in a series A funding round led by Grotech Ventures. This fundraise also occurs as PetScreening is beginning national partnership agreements with three of the five largest apartment management companies on the NMHC Top 50 list.

Name: SuperTails
Sector: Pet e-Commerce
Raise: USD 2.6M

India-based pet e-commerce platform raised USD 2.6M seed round investment led by Saama Capital and DSG Consumer Partners. The team is made up of entrepreneurs and veterinarians, and their focus is on building a one-stop solution, comprising of e-commerce and veterinary services.

Please do get in touch with us at info@rhinoventures.asia with any pet tech news, or comments/edits.

Share LinkedIn