VIS names 10 pet startup finalists

The Veterinary Innovation Summit (VIS), a collection of vet organizations, announced the 10 finalists for its 2020 virtual startup pitch competition:

• Bubby Dog Academy – app that manages your dog’s information
• Dinbeat – pet wearable that allows vets to monitor pet’s vital signs
• Dogdrop – flexible daycare for dogs
• Kubanda – cryotherapy for dogs (tissue freezing medical care)
• KwikVet – on-demand vet house calls
• Mella – a pet thermometer that allows non-rectal temperature readings
• Mew and Me – video games for cats
• Roo – platform for freelance veterinary professionals
• Teef – drinkable dental health for dogs
• VetGuardian – medical device that allows vets to monitor pet’s vital signs

On July 21 the pitches from each of these startups will be online, along with the names of the top 3 finishers: http://veterinaryinnovationsummit.com/

The smart money is on video games for cats.
 

Lemonade expands into pet insurance
 

Online insurer Lemonade started selling pet insurance this week. This marks the company’s first foray into a new insurance vertical since the company started selling renters and homeowners insurance in 2016.

Lemonade had a wildly successful IPO earlier this month, with it stock price more than doubling on its first day.     

The company will initially target the 70% of it’s existing customers who are pet owners. Currently, less than 2% of pet owners in the US have pet insurance.
 

Elanco poised to become the second largest animal health company

Elanco, a pharmaceutical company that makes products for pets and livestock, is about to become the world’s second largest animal health company.

The company announced this week that the FTC had given final approval for it’s $7.6 billion acquisition of Bayer’s animal health business. Previously, regulators for the EU, Australia, Brazil and other countries have all given a thumbs up to the deal. 

Elanco, which was spun off from Eli Lilly in 2019, had revenue of $3.1 billion in 2019, while Bayer’s animal division had sales of $1.8 billion. After the deal closes in August, Elanco expects the pet med portion of its business will increase to about 50% of its overall sales.

Zoetis, which was spun off from Pfizer in 2013, will remain the global leader in the animal health arena, with sales of $6.3 billion last year. 
 

Packaged Facts drops new pet food report 

The experts over at Packaged Facts have released the 15th edition of their US Pet Food report, which contains the following nuggets:

• 2019 sales of pet food were approximately $29 billion
• this amount is expected to reach $38 billion by 2024
• the e-commerce channel is set to grab 27% of the market by end of this year
• e-commerce will account for 35% of US pet food sales by 2024

Full disclosure: I haven’t actually read the Packaged Facts report. Priced at $4,500, the report is too expensive for this small company. These numbers are from a summary posted on the PF website.   
 

Random Pet Business News

• PetSmart workers ask for COVID-19 protections from retailers’s private equity owner
• UK television-vet Joe Inglis launches homemade dog food recipe service
• Profile of Lizz Whitacre, founder of Pawlytics software for pet rescues 
• Pet Paradise completes its 38th pet boarding location, a $4 million facility with a dog pool     
• Singapore-based Pawjourr, an online platform for pet products and services, received a $100,00 seed investment from Antler