Technology

Cat-focused startup Meowtel has climbed to profitability despite struggling to raise capital from dog-focused VCs

Published

6 months ago

June 9, 2024

IAM

Cat-sitting startup Meowtel clawed its way to profitability despite trouble raising from dog-focused VCs

According to data, “Dogs” are the most well-liked pet within the US: 65.1 million households have them American Pet Products Association. But while cats aren’t far off, with 46.5 million of them in households, much of the innovation within the pet category has focused solely on dogs. And despite the fact that the service serves each species, it’s more focused on dogs.

Sonya Petcavich, founding father of the cat care app Meowtel, believes cats and kittens deserve more.

When Petcavich’s cat, Lily, died in 2015, she realized she won’t have been the most effective cat mom. Petcavich traveled extensively for her job in sales for Philip Morris and was not home as much as she thought her older cat might need. She knew pet sitting services existed, but didn’t think they provided enough for her feline friends.

“There is a need for a service specifically for people caring for cats; they have very different needs,” Petcavich told TechCrunch. “Rover had been around for just a few years and Wag was gaining momentum, but they were too dog-focused. I said, “Fuck it, I’ll be a crazy cat to do it.”

She took $100,000 of her own money, began a development team, and launched Meowtel in 2015. The startup is a marketplace where cat owners can find cat sitters and only employs individuals who have direct experience in things like giving cats medications (cats are particularly prone to chronic diseases as we age) and take care of cats with special needs. Potential caregivers undergo a rigorous six-step process before they’re approved to join the applying. This features a 30-minute chat with the Meowtel team to confirm that it’s an actual person, which other sit-down sites don’t do. Petcavich joked that it was easier to get into Harvard than to change into a Meowtel keeper.

Since its founding, the corporate has operated mainly in secret. Petcavich said the corporate has only come out of hiding now since the team has put in a whole lot of work during the last nine years, built its brand and got users’ experience where they wanted it to be.

Meowtel is profitable, with gross booking revenue growing 50% year-on-year. The company employs greater than 2,200 caregivers on the platform, a few of whom have been with Meowtel for nine years. The company has processed greater than 95,000 seat applications and has largely focused on larger cities, including New York and Los Angeles. He wants to expand his activities to smaller cities as well.

Meowtel has gotten to this point by raising almost $1 million in enterprise capital. Of that total, $500,000 got here from angels including Jason Calacanis’ Launch and Elizabeth Yin, general partner at Hustle Fund. Additional capital got here from accelerator programs including Tech Wildcatters and Sputnik ATX. The company’s last financing took place in 2020.

Petcavich said raising money from enterprise capitalists was difficult since the enterprise capital community is more focused on dogs and lots of people didn’t understand why cats needed their very own caregiver. Petcavich stated that she nonetheless wanted to raise enterprise funding for Meowtel due to its market-based business model, which she felt was an excellent fit for VC investors. Additionally, due to the capital-intensive nature of market-based businesses, she felt that VC funds would make essentially the most sense.

He’s right that there seem to be many more venture-backed firms specializing in dogs than cats. There are several startups focused on areas akin to higher pet food, accessories, and even those specializing in health. Butternut Box, a British pet food company, has raised over $466 million in VC funding. ImpriMed, a canine oncology startup, raised $23 million in November, and Fi, a wise dog collar, raised greater than $40 million in enterprise capital.

When it comes to cats, there are noticeably fewer of them. Smalls, a fresh pet food company, is considered one of the few venture-funded firms on this category. This raised $19 million last 12 months, and its founder Matthew Michaelson told TechCrunch’s Christine Hall that he believed innovation within the pet category had largely focused on dogs.

But does the market really want or have the capability to provide a cat-only sitting service? Petcavich says yes, and her company’s track record and growth trajectory seem to back it up.

“In the 2020 era, there is a brand that caters to every specific type of audience,” Petcavich said. “These species are different, but no one makes this distinction. I think it was the psyche of the cat owner and the medical needs of the cat itself that really opened up this blue ocean.”

This article was originally published on : techcrunch.com

Related Topics:consumer market startups venture capital

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Technology

Revolut will introduce mortgage loans, smart ATMs and business lending products

Published

4 hours ago

November 22, 2024

IAM

Revolutthe London-based fintech unicorn shared several elements of the corporate’s 2025 roadmap at a company event in London on Friday. One of the corporate’s important goals for next yr will be to introduce an AI-enabled assistant that will help its 50 million customers navigate financial apps, manage money and customize software.

Considering that artificial intelligence is at the middle of everyone’s attention, this move shouldn’t be surprising. But an AI assistant could actually help differentiate Revolut from traditional banking services, which have been slower to adapt to latest technologies.

When Revolut launched its app almost 10 years ago, many individuals discovered the concept of debit cards with real-time payment notifications. Users may lock the cardboard from the app.

Many banks now can help you control your card using your phone. However, they’re unlikely to supply AI features that might be useful yet.

In addition to the AI assistant, Revolut announced that it will introduce branded ATMs to the market. These will end in money being spent (obviously), but in addition cards – which could encourage latest sign-ups.

Revolut said it plans so as to add facial recognition features to its ATMs in the longer term, which could help with authentication without using the same old card and PIN protocol. It will be interesting to see the way it implements this technology in a way that complies with European Union data protection regulations, which require explicit consent to make use of biometric data for identification purposes.

According to the corporate, Revolut ATMs will start appearing in Spain in early 2025.

Revolut has had a banking license in Europe for a while, which implies it may offer lending products to its retail customers. It already offers bank cards and personal loans in some countries.

Now the corporate plans to expand into mortgage loans – some of the popular lending products in Europe – with an emphasis on speed. If it’s an easy request, customers should generally expect immediate approval and a final offer inside one business day. However, mortgages are rarely easy, so it will be interesting to see if Revolut overpromises.

It appears that the mortgage market rollout will be slow. Revolut said it was starting in Lithuania, with Ireland and France expected to follow suit. Although all these premieres are scheduled for 2025.

Finally, Revolut intends to expand its business offering in Europe with its first loan products and savings accounts. In the payments space, it will enable business customers to supply “buy now, pay later” payment options.

Revolut will introduce Revolut kiosks with biometric payments especially for restaurants and stores.

If all these features seem overwhelming, it’s because Revolut is consistently committed to product development, rolling out latest features quickly. And 2025 looks no different.

This article was originally published on : techcrunch.com

Technology

Flipkart co-founder Binny Bansal is leaving PhonePe’s board

Published

11 hours ago

November 22, 2024

IAM

Flipkart co-founder Binny Bansal has stepped down three-quarters from PhonePe’s board after making an identical move on the e-commerce giant.

Bengaluru-based PhonePe said it has appointed Manish Sabharwal, executive director at recruitment and human resources firm Teamlease, as an independent director and chairman of the audit committee.

Bansal played a key role in Flipkart’s acquisition of PhonePe in 2016 and has since served on the fintech’s board. The Walmart-backed startup, which operates India’s hottest mobile payment app, spun off from Flipkart in 2022 and was valued at $12 billion in funding rounds that raised about $850 million last 12 months.

Bansal still holds about 1% of PhonePe. Neither party explained why they were leaving the board.

“I would like to express my heartfelt gratitude to Binny Bansal for being one of the first and staunchest supporters of PhonePe,” Sameer Nigam, co-founder and CEO of PhonePe, said in a press release. His lively involvement, strategic advice and private mentoring have profoundly enriched our discussions. We will miss Binny!”

This article was originally published on : techcrunch.com

Technology

The company is currently developing washing machines for humans

Published

18 hours ago

November 22, 2024

IAM

Forget about cold baths. Washing machines for people may soon be a brand new solution.

According to at least one Japanese the oldest newspapersOsaka-based shower head maker Science has developed a cockpit-shaped device that fills with water when a bather sits on a seat in the center and measures an individual’s heart rate and other biological data using sensors to make sure the temperature is good. “It also projects images onto the inside of the transparent cover to make the person feel refreshed,” the power says.

The device, dubbed “Mirai Ningen Sentakuki” (the human washing machine of the longer term), may never go on sale. Indeed, for now the company’s plans are limited to the Osaka trade fair in April, where as much as eight people will have the option to experience a 15-minute “wash and dry” every day after first booking.

Apparently a version for home use is within the works.

This article was originally published on : techcrunch.com