Pet Partner App
Pet Healthcare App
Mobile Software & Services, Pet Products
PetPartner is a mobile app that helps pet owners take better care of their pet.
The app integrates with vets, groomers and boarders so customers can request appointments, get reminders, and maintain all of their pet’s information in a central place.
More specifically, the app integrates with the pet care providers’ practice management system and can then reach clients across all channels — from app notifications, to postcards, to email — to send reminders for appointments, annual check ups, vaccines, and more.
The app is free for consumers. Pet care providers pay $149/month for each of PetPartner’s four app services that they choose to subscribe to — one is for Reminders, one is for Reporting, etc.
The app makes it easy to both request and confirm appointments 24/7, without a phone call.
PetPartner is now bringing on other partners to offer food, drugs, insurance, and more.
Since launching in January of 2014, the company has grown consistently:
– It’s achieved 20 consecutive months of revenue growth.
– Annual Recurring Revenue are about $700,000, with YoY revenue growth of 736%. It is averaging a 99.4% monthly recurring revenue retention rate.
– Since inception, annual revenue per location has grown from under $50/mo to over $250/mo.
– As of September 2015, the company has been profitable.
This investment round is being led by Right Side Capital, a prominent seed-stage investor that places emphasis on getting into under-the-radar deals at low valuations. The $3 million pre-money valuation is notable.
From a macro perspective, pet healthcare is a technologically underserved businesses, featuring customers who have big budgets, and a passion for their pets.
There are estimated to be 40,000 vet locations and 100,000 groomer/boarder locations. The consumer pet market is an estimated $60 billion market.
The company already has various partnerships including one with ASPCA Pet Health Insurance.
Pet Partner has a plan to achieve $7 million in annual recurring revenues, at which point it believes it will be an attractive acquisition target for one of the big vet companies such as Henry Schein or Idexx Laboratories.
Ken Tsui – Founder & CTO
Ken was formerly the Director of Product Development at Zyvex Instruments, which was spun out from Zyvex Corporation and later sold to DCG Systems.
He was also a software engineer at Research in Motion.
He received his BASc in Computer Engineering from Waterloo.
He’s been issued 4 U.S. patents and has published 14 scientific articles.
Taylor Cavanah – Founder & CEO
Cavanah was formerly the co-founder and General Manager of Zyvex Instruments, a molecular nanotechnology company that was spun out from Zyvex Corporation and later sold to DCG Systems.
He also did a short stint as a “Futurist” at Sony America Think Tank.
He received his BA in Physics from Rice, and his Masters in Physics from UT-Dallas.
Right Side Capital
Quantitative-based early-stage fund. Investments include Jawfish Games, Zagster, and Hostspot.