Source: Crunchbase News
The global pet care industry is booming, with spending surpassing $320 billion in 2023 and projected to reach nearly $500 billion by 2030. Despite this growth, investment in pet care startups has slowed, with just over $500 million invested across 50 companies in 2024, the lowest in years. Notable exceptions include Loyal, a San Francisco-based company developing medicines to extend dogs’ healthy lives, and Sploot Veterinary Care, both raising $40 million. MoeGo, a software platform for pet groomers, secured $24 million.
Historically, pet care startups have raised significant funding, with successful exits like Chewy, valued at $13 billion, and Rover, which was taken private by Blackstone for $2.3 billion. However, companies like Wag and Bark have struggled on the public market. Despite mixed investment results, the U.S. pet care market remains vast, with Americans expected to spend over $150 billion in 2024 on food, supplies, vet care, and services for their pets.
Read the full story HERE: https://news.crunchbase.com/venture/pet-startup-funding-slowed-2024-loyal-sploot/