June 10, 2022
Dalma, Otto & Basepaws
🐶 Industry News
– Chewy and Petco announced first quarter results:
- Chewy saw sales reach $2.43 billion, an increase of 14% from last year. CarePlus, a wellness plan and insurance policy the company is developing with pet insurer Trupanion, is set to launch this quarter.
- Petco’s sales were $1.48 billion, up 4% from last year. Services, which include vet care, grooming and training, were the fastest growing part of the business. Petco opened its 200th vet hospital during the quarter.
– Covetrus, a provider of software and online pharmacy services to more than 100,000 vet clinics around the world, is being taken private by a pair of private equity firms for $4 billion. The Portland, Maine-based company was created from a merger of Henry Schein Animal Health and Vets First Choice in 2019. In its three year run on the Nasdaq stock exchange, the company saw its share price cut in half.
💰 Financing & Deals
• Dalma, a Paris-based pet insurance startup, has raised a $16 million Series A round. The company plans to use the funds to offer customers new services, including veterinary telehealth, direct payment to vets, and an online store selling pet goods.
• Otto, a San Francisco startup that created a mobile app to help manage your dog’s life, has landed a $1.6 million round. The company was founded last year by a trio of high school students.
• Zoetis, the world’s largest pet company, has agreed to acquire Basepaws, a startup that makes a DNA testing kit for cats. Founded in Los Angeles, Basepaws appeared on SharkTank in 2019, where it sold 10% of the company for $250,000.
🤷 Somewhat Relevant
• Butternut Box, a UK dog food subscription service, is launching a plant-based option for dogs due to customer demand for a vegetarian offering.
• Packaged Facts has a new report showing that sales of durable pet products (toys, collars, leashes, etc.) hit $7.9 billion in the US last year.
• A lawyer quit her job to become a pet psychic … and now makes more money.