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Pet economy investments and companies: State of play

Illustration of dog treats in the shape of a dollar sign.

Illustration: Aïda Amer/Axios

Last updated September 11, 2023

Pet care and nutrition has drawn lots of interest from investors due to the "humanization" of pets and owners' repeat purchases.

Why it matters: Total spending in the pet care industry is expected to increase to $277 billion by 2030, a 134% increase from 2019 levels, according to a Morgan Stanley report.

Pet industry deals from the last 12 months include:

  • Mars Inc., the U.S. confectionary and pet food giant, agreed to acquire Synlab Vet, a veterinary laboratory diagnostics provider.
  • Mixlab, a veterinary pharmacy service, raised a $10 million Series A extension led by Vanterra Ventures.
  • PetSmart agreed to sell a minority stake to private equity firm Apollo, the Phoenix-based pet retailer announced in July.
  • Pet telehealth company Airvet raised $18.2 million in Series B funding.
  • Barkibu, a pet health insurance provider based in Spain, raised $5 million in May in a funding round led by Kfund, along with Alma Mundi Ventures.
  • Smalls, a cat food startup, raised a $19 million Series B round in March.
  • Felix&Fido, a membership-based veterinary company, raised $4 million in pre-seed funding in March.
  • Bundle x Joy, a pet care brand providing food and curated product bundles, raised $1 million in seed funding in March.
  • Digitail, a Romanian pet tech platform, raised $11 million in Series A funding in January.
  • Small Door Vet clinched a $40 million Series B to expand its tech-forward membership vet care platform in December 2022.
  • Maev, an Austin, Texas-based human-grade raw dog food brand, raised a $10 million Series A round led by VMG Partners in September 2022.
  • PillPack alum Gavin Cotter raised $20 million in Series A funding for his latest venture, an online pet pharmacy called Koala Health, in September 2022.
  • Bond Pet Foods, a Boulder, Colo.-based plant-based pet foods company, raised a $17.5 million Series A from a group of investors including Archer-Daniels-Midland Co.'s venture arm ADM Ventures, Cavallo Ventures and Genoa Ventures in September 2022.

Other developments in the pet care industry include:

  • HelloFresh, the prepared meal-kit company, launched a premium pet food brand in August.
  • Petaluma, a DTC plant based pet food startup, introduced a product formulated for aging dogs. The Oakland, California-based company has raised some $500,000.
  • Walmart partnered with veterinary telehealth company Pawp in May to offer its services to Walmart+ subscribers.

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Editor's note: This story has been corrected to say that Felix&Fido raised $4 million in March, not Small Door Vet.

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