Rescue Animals: Why the PetTech Startup Boom Is It Time to Call
Photo is illustrative in nature. From open sources.
2020 the Year of Pets: Last Year Only in the usaThe number of families with pets has grown to 70%. The situation is similar all over the world. Experts estimate the industry at $103 billion and predict it will grow even more. Who earns on this?
In the United States, investor interest in so-called PetTech startups, or companies that solve problems not for people, but for pets, has skyrocketed. In 2021, companies working on pet products and services raised $1.1 billion and broke the record set in 2019.
During the pandemic, people around the world were locked up at home and began to massively get pets, shelters even began to report their shortage. Approximately one in five families in the United States adopted a dog or cat between March 2020 and May 2021, according to a survey from the animal welfare group ASPCA. But people began not only to have more animals, they are ready to spend as much money on them as, for example, they used to spend only on children, and even more.
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