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Pet Care Tech

Pet ownership is at an all time high in the United States and the pet care economy is booming.

Overview

On-demand pet care tech enhances owner-pet relationships

Pets are increasingly considered as irreplaceable family members, especially among millennials who are willing to spend more on improving their pet’s health and quality of life. Even if a person is restrained from owning a pet due to various reasons (such as financial, time, and other constraints), on-demand pet care tech can fulfill the desire to have the company of a pet only in their leisure time, all while earning an income. As a result, on-demand pet care services have emerged to digitally connect pet owners to a network of pet care service providers such as 1) mobile-based platforms that connect pet owners with dog walkers, pet boarding, pet sitting, etc., and 2) digital veterinary platforms that provide on-demand video consultation services.

What's driving this industry?
Market Sizing

The US pet care tech market could reach USD 572 million - USD 1.4 billion by 2026

Conservative case

USD 0.6 Bn

Low Penetration
Base case

USD 0.7 Bn

Average Penetration
Expansion case

USD 1.4 Bn

High Penetration
USD million05001,0001,5002,000202120222023202420252026
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COVID-19 IMPACT

  • Demand for on-demand pet care, such as dog walking and pet sitting, declined due to lockdowns and social distancing rules.

  • Rover, one of the largest players in the industry, laid off 41% of its workforce in March 2020 however, revenue increased during the latter part of the year amidst increased pet adoption during the pandemic

  • Demand for veterinary telehealth services have spiked, with several operators ( Fuzzy Vet Health, Bond Vet, FirstVet, and AirVet), reporting a substantial revenue growth

View detail

Market Mapping


The on-demand pet care market comprises pet care service companies and veterinary telehealth services that digitally connect pet owners with pet service providers. Wag and Rover are the leading startups in the on-demand pet care services segment, and the companies do not face competition from established traditional players. Wag also remains a dominant player in the on-demand veterinary telehealth services segment along with WhiskerDocs; however, startups in this segment face competition from a few hospitals and pet retailers. Most companies in the industry are at the seed stage due to the nascent nature of the industry.

Incumbents
Growth
Early
Seed
Pre-Seed
On-demand pet care services
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On-demand veterinary telehealth services
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BorrowMyDoggy
BorrowMyDoggy
Wag!
Rover
Petabyte Technology
Babelbark
Trusted Housesitters
BorrowMyDoggy
Groomit for Pets
Swifto
Pawshake
Skiptown
GuDog
Digitail
We Nuzzle™
Barkly Pets
Urban Leash
Chewy
PetCo
Pets at Home
Bond Vet
Banfield Pet Hospitals
VCA Animal Hospitals
BluePearl Pet Hospital
EPIQ MD (EPIQ Paws)
Wag!
Fuzzy
Vetster
Felmo
WhiskerDocs
VetNOW
GuardianVets
FirstVet
BetterVet
Small Door
Petabyte Technology
Pawp
AirVet
Babelbark
TeleVet
PawSquad
Petriage
Hello Ralphie
Smart.Vet
Sniffy Pet
InstaVet
Modern Animal
Dutch
Rex
Digitail
KwikVet
Ask.Vet
Vetsie
TeleTails
Anipanion
Vetter Pet Care
Pawzy

The Disruptors


The digital pet care market consists of several disruptors that operate in on-demand pet care services and on-demand veterinary telehealth services, the largest being Wag and Rover. Given the success of these two companies (with more than USD 300 million in funds raised, respectively) many startups have emerged in the market offering various services over the past couple of years. While few companies have remained in the market, many have succeeded by capitalizing on the concept of a gig economy. Apart from a few leading players, funding of other startups has typically been less than USD 50 million, and they have yet to see growth in the on-demand pet care market space.

On-demand pet care services

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Disruptors

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Funding in USD Millions
Rover
Public - Market cap USD 858.1 mn
Wag!
361
Petabyte Technology
23
Trusted Housesitters
10
Watchlist
?
Babelbark
Digitail
BorrowMyDoggy
Groomit for Pets
Swifto
Pawshake
Skiptown
We Nuzzle™
Barkly Pets
GuDog
Urban Leash

On-demand veterinary telehealth services

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Disruptors

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Funding in USD Millions
Wag!
361
FirstVet
96
Modern Animal
89
Fuzzy
81
Vetster
37
Dutch
25
Small Door
24
Petabyte Technology
23
Felmo
18
Pawp
18
AirVet
14
TeleVet
7
Rex
5
Hello Ralphie
1
Vetsie
0
Smart.Vet
Unknown
WhiskerDocs
Unknown
Anipanion
Unknown
VetNOW
Unknown
GuardianVets
Unknown
Watchlist
?
BetterVet
Babelbark
PawSquad
Digitail
Petriage
KwikVet
Ask.Vet
TeleTails
Vetter Pet Care
Pawzy
Sniffy Pet
InstaVet

Rover

Rover, is a pet-care service provider which operates through online and mobile platforms connecting pet-owners with pet-care service providers that offer pet boarding and sitting services, dog daycare, dog-walking, and drop-in visits. As of February 2021, the company served more than two million pet-owners and 500,000 service providers across North America and Europe.

In October 2018, Rover acquired DogBuddy, a UK-based dog walking, boarding, and daycare company, to expand its presence in the UK, France, Italy, Germany, and several other EU countries.

Key customers and partnerships

In November 2020, the company partnered with Walmart, where Walmart.com promotes Rover under Walmart Petcare. In a similar effort, Rover entered into a partnership with pet retailer Petco in February 2022, where Petco promotes Rover under petco.com and Petco's Vital Care membership program.

Funding and financials

In May 2018, Rover raised USD 155 million led by T. Rowe Price (a global asset management firm), marking its largest funding round. The funds were utilized for accelerating expansion into Europe, entering Latin American region and expanding into cat-care services (in April 2019).

In August 2021, Rover went public via the SPAC route with  Nebula Caravel Acquisition Corp. valued at USD 1.35 billion.  

For the full-year 2021 (FY2021), the company reported a revenue growth of USD 109.8 million (125% YoY growth). Adjusted EBITDA was USD 12.4 million in FY2021 (vs. an adjusted EBITDA loss of USD 25 million in FY2020). On the back of strong Q3 2022 performance, the firm upgraded its full-year guidance for 2022, revenue is expected to range between USD 171 million–173 million (Q2 2022 guidance; USD 160–166 million), and adjusted EBITDA is expected to range between USD 16–18 million (Q2 2022 guidance; USD 10–14 million).

Segment:
On-demand pet care services
Total funding:
USD 360.9 million
Competitors:
Wag
Disruptor Funding History

On-demand pet care services:

Rover
Wag!
Petabyte Technology
Trusted Housesitters
Babelbark
Digitail
BorrowMyDoggy
Groomit for Pets
Swifto
Pawshake
Skiptown
We Nuzzle™
Barkly Pets
GuDog
Urban Leash

On-demand veterinary telehealth services:

Wag!
FirstVet
Modern Animal
Fuzzy
Vetster
Dutch
Small Door
Petabyte Technology
Felmo
Pawp
AirVet
TeleVet
Rex
Hello Ralphie
Vetsie
BetterVet
Babelbark
PawSquad
Digitail
Petriage
KwikVet
Ask.Vet

Incumbents


The on-demand pet care tech space has yet to attract major interest from established companies

The on-demand pet care tech space has yet to see major interest from traditional or established companies. However, in the on-demand veterinary services segment, a few hospitals have entered the market through partnerships with companies providing telemedicine services. Most of these services are, however, provided to existing clients as a premium service. Apart from veterinary hospitals, a pet retailer (PetCo) has also entered the market by acquiring a pet telehealth platform.

On-demand pet care services
On-demand veterinary telehealth services
In House Development
M&A
Partnership
Investment
Chewy
PetCo
Pets at Home
Bond Vet
Banfield Pet Hospitals
VCA Animal Hospitals
BluePearl Pet Hospital
EPIQ MD (EPIQ Paws)

Notable Investors


No investor data is available

Funding data are powered by Crunchbase
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