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Exclusive: Pet-grooming software company MoeGo raises $24M

Axios Visual of a black labrador puppy holding stack of dollars in mouth

Illustration: Rebecca Zisser / Axios 

MoeGo, a payments and scheduling software company for pet groomers, raised $24 million in Series A funding led by Base10 Partners, the company tells Axios exclusively.

Why it matters: Investors have been betting on the growing number of pets in the country — and on the increasingly human-like treatment of said furry companions.

How it works: MoeGo is among the growing class of software and payments companies that believe they can capture a loyal customer base by focusing on a specific industry — for example, Toast launching with a focus on restaurants.

  • In addition to scheduling and payments, MoeGo enables groomers to customize how many of a specific breed they will groom and to set up complex rules for commissions.
  • "Large breeds need a lot of care. ... It's very exhausting. So a lot of groomers actually prefer a limited number of slots for large-breed dogs or prefer to groom them in the morning," says CEO Ethan Dong.
  • The software also allows shops to identify which groomers are working on what kind of dog, making it easier to automatically calculate commissions and set up payroll.

MoeGo introduced its payments service roughly a year ago and says it now accounts for about 20% of its revenue.

  • Most of the company's revenue comes from subscriptions.
  • Previously focused on smaller groomers, MoeGo has since been adding larger businesses with 100 or more locations.

Context: Venture dollars invested in pet tech has held up surprisingly well after the pandemic drop off, growing 15% last year to $1.1 billion while global venture funding fell 35% in the same period, data from PitchBook shows.

  • Spending on pets grew 78% from 2013 to 2021, outpacing the 39.2% growth in total expenditure, data from the Bureau of Labor Statistics shows.
  • But pet e-commerce company in August warned of consumers becoming more "value conscious" and trading up wet food for generally cheaper dry food.

Other investors in the deal included Mars Petcare's Digitalis Ventures, Conductive Ventures and Uphonest Capital.

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