What are the fundraising trends in the Pet Tech market?
In our Pet Tech market deck, you will find everything you need to understand the market
SUMMARY
We analyzed every publicly disclosed equity round raised by pure-play Pet Tech companies between January 2024 and May 2026, using a strict digital pet-care definition and a minimum disclosed deal size of $300K. The resulting sample covers full-year 2024, full-year 2025, and year-to-date 2026 through May, with food, toys, general retail, offline clinic chains, biotech-first companies, and non-digital pet businesses excluded.
The Pet Tech market expanded materially from 2024 to 2025. Disclosed funding rose from about $60M across 5 deals in 2024 to about $167M across 14 deals in 2025, which means the improvement came from both more capital and more companies getting funded.
The 2026 year-to-date signal is stronger by capital than by breadth. Between January and May 2026, the Pet Tech market raised about $81M across 3 qualifying deals, slightly above the comparable 2025 capital total of about $77M, but with far fewer deals.
Lassie dominates the 2026 picture. Its $75M Series C accounts for about 93% of all Pet Tech capital raised so far in 2026, which means the current-year funding total is mostly a scaled-company validation event rather than a broad market acceleration.
Pet Care Apps are the clear center of gravity. The category captured about 56% of capital in 2024, about 81% in 2025, and about 95% so far in 2026, but the winning version of the category is not lightweight consumer apps; it is software tied to veterinary workflow, insurance, pharmacy, diagnostics, claims, and care operations.
The market is becoming more healthcare-like. Investors are rewarding companies that solve cost, labor, access, reimbursement, documentation, prescription, and health-engagement problems rather than companies built only around pet-owner novelty.
Hardware remains visible but secondary. Pet Health Wearables produced small qualifying rounds in 2024, 2025, and 2026, while Smart Pet Devices appeared only modestly in 2025. Connected Pet Feeders and Pet Monitoring Cameras produced no qualifying rounds across the observed periods.
The market became more global in 2025. North America remained the largest full-year capital region, Europe stayed highly relevant, and Asia-Pacific entered the dataset with 3 deals after having no qualifying 2024 activity.
Investor participation broadened in 2025, but repeat investor behavior is still thin. Unique disclosed investors rose from about 22 in 2024 to about 52 in 2025, yet only firstminute capital appeared in more than one qualifying 2025 deal, and both investments were in Lupa.
The practical interpretation is that the Pet Tech market is not collapsing, but it is becoming less forgiving. Capital is available, especially for recurring, software-led healthcare infrastructure, but generic pet enthusiasm, standalone hardware, and broad consumer convenience are no longer enough to carry the funding story.
This chart, featured in our Pet Tech market deck, illustrates revenue distribution by customer segment in the pet tech market
Is more or less capital going into the Pet Tech market?
More capital is going into the Pet Tech market on a full-year basis, but the freshest 2026 signal is fragile because almost all of the current-year capital comes from one large round. Full-year disclosed funding rose from about $60M in 2024 to about $167M in 2025, while deal count increased from 5 to 14.
That full-year comparison is the cleanest sign that the Pet Tech market became more investable. A market that grows in both dollars and deal count is more credible than a market where one oversized round inflates the total.
The year-to-date comparison is more complicated. From January through May 2026, the Pet Tech market raised about $81M across 3 qualifying deals, compared with about $77M across 7 deals over the same period in 2025. So the headline capital number is slightly higher, but the deal-count base is weaker.
The real signal is concentration. Lassie’s $75M Series C represents about 93% of all Pet Tech capital raised so far in 2026. Excluding rounds above $50M, 2026 year-to-date funding falls to about $6M, which means the current period has not yet confirmed a broad-based acceleration.
The honest interpretation is that the Pet Tech market expanded materially in 2025, while 2026 so far has mostly shown that scaled, monetized, software-led pet-care platforms can still attract large checks. The market is not yet showing that investors are deploying broadly across many Pet Tech companies in 2026.
Is Pet Tech funding driven by more deals or larger rounds?
Pet Tech funding was driven mainly by more deals in the 2025 versus 2024 full-year comparison, but the 2026 year-to-date capital figure is driven by one much larger round. This distinction matters because it separates structural market broadening from one-company concentration.
In 2024, the Pet Tech market had 5 qualifying deals and about $60M of capital. In 2025, it had 14 deals and about $167M of capital. Deal count rose by nearly the same multiple as total capital, while average round size stayed close to $12M in both years.
That makes 2025 the healthier expansion signal. It means more companies, more business models, and more regions were able to clear the funding bar, rather than the market depending on a single giant financing.
So far in 2026, the picture is different. Average round size is about $27M, but median round size is only about $4M. That gap is the giveaway: the average is being pulled upward by Lassie’s $75M Series C.
For deeper benchmarks on round sizes, medians, concentration, and category-level funding patterns, see the full Pet Tech market report.
Is Pet Tech capital moving toward later-stage or earlier-stage companies?
Pet Tech capital is moving toward later-stage companies, especially when measured by dollars rather than deal count. In 2024, early-stage and unknown-stage companies captured about 64% of capital; in 2025, Series B and later companies captured about 55% of capital; and so far in 2026, Series B+ companies account for about 93% of capital.
The 2025 full-year comparison is the better structural read. Series B became the largest 2025 capital bucket at about $92M, while Seed, Series A, and Unknown-stage rounds still appeared across the deal count. That means early-stage activity did not disappear, but larger checks increasingly went to companies with more proof.
The 2026 year-to-date signal is even more extreme, but it should not be overread. Lassie’s Series C is effectively the entire late-stage capital signal. The conclusion is not that investors have abandoned early-stage Pet Tech; the conclusion is that the only large 2026 check so far went to a company with scale, recurring monetization, insurance economics, and app engagement.
The Pet Tech market is therefore becoming more selective. Early-stage companies can still raise, but larger rounds are increasingly reserved for businesses that look less like experiments and more like infrastructure.
This chart, included in our Pet Tech market deck, compares the main business model options for pet GPS wearable companies
Is the Pet Tech market maturing or still experimental?
The Pet Tech market is maturing, but it is not yet a fully mature venture category. The clearest maturity signal is the shift from 5 deals and about $60M in 2024 to 14 deals and about $167M in 2025, combined with 9 active fundraising months in 2025 instead of only 3 in 2024.
That is a real improvement in liquidity. In 2024, the market looked sparse and episodic, with a median month of zero deals. In 2025, a median month had 1 deal, and the median round size rose to about $11M.
The stage mix also points toward maturation. Series B rounds represented about 55% of 2025 capital, which means investors were increasingly backing companies that had already proven something around workflow software, digital insurance, digital pharmacy, tele-vet, or AI-enabled veterinary operations.
But the market is not mature in the way enterprise SaaS, fintech, or cybersecurity can be mature. There were no $50M-plus rounds in 2024 or 2025, the largest 2025 deal was only $23M, and repeat investor activity remained very limited.
The right reading is that the Pet Tech market moved from experimental to early institutionalization in 2025. Lassie’s 2026 round shows that scale capital can arrive when the business model is proven, but the broader market still needs more repeat investors, more mid-sized rounds, and more companies graduating into Series B before the maturity claim is fully confirmed.
Are new startups still entering the Pet Tech market?
Yes, new startups are still entering the Pet Tech market, but new-company formation is no longer the main destination for capital. First financings represented 40% of 2024 deals and about 43% of 2024 capital, then about 29% of 2025 deals and about 23% of 2025 capital, and so far in 2026 they represent one-third of deals but only about 2% of capital.
The full-year 2025 data still shows real formation. Lupa, Tandem, Goose, and My Brown were first financings, which means investors were willing to back new entrants in veterinary workflow software, tele-vet, pet-care operating software, and digital pet insurance.
But the capital split shows that the Pet Tech market is increasingly rewarding follow-on validation. The biggest 2025 rounds went to companies such as Digitail, Dalma, Koala Health, Lupa, Napo, and Airvet, all of which had stronger evidence of traction, recurring usage, or category credibility.
So far in 2026, Petwealth is the only first financing, at $1.7M raised to date. That is meaningful because the company sits near diagnostics, AI health intelligence, and software integrations, but it is small compared with Lassie’s $75M Series C.
For the broader view of first financings, formation patterns, and which Pet Tech wedges are still attracting new-company capital, see the Pet Tech market deck.
Are more investors entering the Pet Tech market?
Yes, more investors entered the Pet Tech market in 2025, but the 2026 year-to-date investor base is too thin to say that investor participation is still broadening. Unique disclosed investors rose from about 22 in 2024 to about 52 in 2025, while the number of strict tier-1 investors rose from 5 to about 10.
That is a strong full-year signal. In 2025, high-quality investors appeared across pet-care operating software, veterinary AI workflow, insurance apps, clinic software, digital pharmacy, and tele-vet infrastructure.
The investor base included names such as B Capital, First Round Capital, firstminute capital, Singular, Atomico, Partech, Five Elms Capital, Northzone, Bpifrance Digital Venture, and Breega. That is broader validation than the 2024 market, where tier-1 signals were concentrated in a few deals like MoeGo, FirstVet, and Scribenote.
The 2026 year-to-date picture is narrower. Only 7 disclosed investors are counted so far, and the clearest tier-1 names are Balderton Capital and Felix Capital, both tied to Lassie. That makes the fresh investor-quality signal strong but highly concentrated.
So the answer is yes for 2025: more investors entered the Pet Tech market. For 2026 so far, the answer is not yet; the investor base has not disappeared, but the evidence is concentrated in one high-quality European growth round.
This chart, included in our Pet Tech market deck, shows annual funding in pet tech startups
Are top investors getting more or less active in Pet Tech?
Top investors became more visible in the Pet Tech market in 2025, but they did not become meaningfully more repeat-active. That distinction matters because the market attracted more high-quality names without yet developing a dense bench of investors making multiple Pet Tech bets.
In 2024, the strict tier-1 investor set included Andreessen Horowitz, Base10 Partners, OMERS Ventures, Mubadala Capital, and Cathay Innovation. Digitalis and Mars were also important as strategic animal-health capital, even if they are better understood as specialist strategic investors than generalist tier-1 venture firms.
In 2025, the tier-1 count rose to about 10, including B Capital, First Round Capital, firstminute capital, Singular, Atomico, Partech, Five Elms Capital, Northzone, Bpifrance Digital Venture, and Breega. That is clear evidence that respected institutional capital was willing to underwrite Pet Tech.
However, repeat activity remained weak. In 2024, no disclosed investor appeared in more than one qualifying deal. In 2025, only firstminute capital appeared in more than one qualifying deal, and both investments were in Lupa.
The practical takeaway is that top investors are getting more selective, not simply more active. A marquee name on a Pet Tech deal is strong validation for that company, but it is not yet proof that the whole market has developed a repeat specialist funding ecosystem.
Which Pet Tech subcategories are gaining momentum?
Pet Care Apps are the clearest subcategory gaining momentum in the Pet Tech market. The category rose from about $34M in 2024 to about $135M in 2025, and from 3 deals to 10 deals. So far in 2026, Pet Care Apps account for about $77M of the roughly $81M raised.
The important point is that Pet Care Apps should be read as a broad infrastructure bucket, not as a lightweight consumer-app bucket. The best-funded companies are tied to veterinary practice management, pet insurance, claims automation, digital pharmacy, diagnostics software, AI scribing, booking, payments, compliance, and care operations.
Tele Vet Platforms also remained relevant, though they did not accelerate as sharply. Tele-vet capital was about $22M in 2024 and about $21M in 2025, while deal count rose from 1 to 2. That suggests the category is investable, but not the central growth engine.
Pet Health Wearables and Smart Pet Devices show signs of life but not broad momentum. Wearables had one deal in 2024, one in 2025, and one so far in 2026. Smart Pet Devices had no qualifying deals in 2024, one small deal in 2025, and none so far in 2026.
We cover this subcategory shift in more detail in the deeper analysis of the Pet Tech market, including how software infrastructure, tele-vet, insurance, pharmacy, diagnostics, and hardware are moving in different directions.
Which Pet Tech subcategories are losing momentum?
Connected Pet Feeders and Pet Monitoring Cameras are the clearest subcategories losing momentum, or at least failing to show venture momentum. They produced zero qualifying disclosed rounds in 2024, zero in 2025, and zero so far in 2026.
That repeated absence is more informative than a single quiet year. It suggests investors are skeptical of standalone consumer-device categories unless the product is attached to AI interpretation, health monitoring, subscription revenue, data infrastructure, or a broader software layer.
Smart Pet Devices also remain weak despite one small 2025 deal. The Pet Tech market is not rewarding standalone consumer hardware the way it is rewarding software-led infrastructure.
Pet Health Wearables are different. Maven Pet, Traini, and SATELLAI show that investors will still fund devices when the device becomes a health, safety, behavior, subscription, or data platform. But the round sizes remain far below the leading software, insurance, and workflow rounds.
The strongest reading is that consumer hardware is losing relative investor attention. Hardware is not dead, but it now needs a recurring software, health-intelligence, insurance, or data layer to survive the funding filter.
This chart, included in our Pet Tech market deck, looks at Tractive’s strategy in pet tech
Which regions are gaining momentum in Pet Tech funding?
Asia-Pacific is gaining momentum in deal-count visibility, Europe is gaining fresh capital leadership so far in 2026, and North America gained breadth in 2025. The answer depends on whether momentum is measured by deal count, capital, or recency.
The full-year 2025 versus 2024 comparison shows that the Pet Tech market became more geographically diverse. In 2024, North America accounted for 3 deals and about $34M, while Europe accounted for 2 deals and about $26M. Asia-Pacific had no qualifying deals.
In 2025, North America had 6 deals and about $85M, Europe had 5 deals and about $62M, and Asia-Pacific entered meaningfully with 3 deals and about $20M. That is a real expansion in geographic breadth.
Asia-Pacific is the cleanest gaining-momentum region by emergence. Moving from zero qualifying deals in 2024 to 3 deals in 2025, then adding SATELLAI in early 2026, shows that Asia-Pacific is becoming visible in the strict Pet Tech funding map.
Europe is the strongest fresh capital story because Lassie’s $75M Series C gives it about 93% of 2026 year-to-date capital. That is a powerful signal, but it is still a one-company signal rather than a broad regional wave.
For ongoing regional tracking across North America, Europe, Asia-Pacific, and other regions, see the market report covering Pet Tech geography.
Which regions are losing momentum in Pet Tech funding?
North America is losing momentum in the freshest year-to-date comparison, but not in the fuller full-year comparison. Full-year 2025 was a strong year for North America, while early 2026 has been weak under the strict Pet Tech definition.
In full-year 2024, North America captured about $34M across 3 deals. In full-year 2025, it captured about $85M across 6 deals. That is a clear increase in both dollars and activity.
The current-year comparison tells a different story. From January through May 2025, North America had 3 deals and about $34M of capital. From January through May 2026, North America had only 1 qualifying deal, Petwealth, at $1.7M raised to date.
The interpretation should be cautious because the 2026 dataset is very thin. North America’s weakness may reflect timing, delayed reporting, or the exclusion of adjacent pet-sector deals in biotech, retail, and offline care. The broader North American pet economy may still be active even if strict digital Pet Tech is quiet.
The better conclusion is that North America has the weakest fresh Pet Tech funding signal, while Europe and Asia-Pacific remain active in different ways. But it is too early to call the North American decline structural.
Is Pet Tech becoming more global or regionally concentrated?
The Pet Tech market became more global in 2025, but the 2026 year-to-date capital picture is regionally concentrated because one European round dominates. The most reliable structural comparison is 2025 versus 2024.
In 2024, the market was split between North America and Europe only. North America represented about 56% of capital and 60% of deals, while Europe represented about 44% of capital and 40% of deals.
In 2025, the market expanded to North America, Europe, and Asia-Pacific. North America represented about 51% of capital, Europe about 37%, and Asia-Pacific about 12%. Deal count also became more global, with North America at 43%, Europe at 36%, and Asia-Pacific at 21%.
So far in 2026, the deal count is globally spread: one deal in Europe, one in Asia-Pacific, and one in North America. But capital is extremely concentrated, with Europe holding about 93% because of Lassie.
The right interpretation is that Pet Tech is becoming more global in participation, while capital remains concentrated around whichever geography produces the scaled platform round. In 2025, that was mostly North America. So far in 2026, that is Europe.
This chart, included in our Pet Tech market deck, shows how pet humanization has driven growth in the pet tech market over time
Is Pet Tech capital moving toward proven winners or new opportunities?
Pet Tech capital is moving toward proven winners, even though new opportunities are still appearing. The clearest indicator is the decline in first-financing capital share from about 43% in 2024 to about 23% in 2025, and then to about 2% so far in 2026.
The 2025 full-year comparison is the best structural evidence. In 2024, first financings represented 40% of deals and about 43% of capital, meaning new entrants were receiving a meaningful share of dollars. In 2025, first financings represented about 29% of deals but only about 23% of capital.
The company examples make the shift clear. The largest and most validated 2025 rounds went to companies such as Digitail, Dalma, Koala Health, Lupa, Napo, and Airvet, which were raising on workflow software, claims automation, pharmacy infrastructure, clinic operating systems, or tele-vet benefit models.
The 2026 year-to-date period makes the split even sharper. Petwealth represents new opportunity formation, SATELLAI represents a follow-on wearable bet, and Lassie represents the proven-winner signal. Almost all current-year capital went to the company with the clearest recurring monetization and scale-stage profile.
The practical rule is simple: formation remains possible, but large checks increasingly require evidence of recurring revenue, repeat engagement, distribution, and operational integration. Our full market view on Pet Tech winners tracks that shift across the disclosed funding records.
Is the Pet Tech market becoming winner-takes-most?
The Pet Tech market was not winner-takes-most in 2025, but the 2026 year-to-date period looks winner-takes-most because Lassie captured almost all capital raised so far. The two signals point in different directions because the current-year dataset is small.
Full-year 2025 argues against a winner-takes-most structure. In 2024, the top deal captured about 40% of capital and the top 3 deals captured about 90%. In 2025, the top deal captured only about 14% of capital and the top 3 captured about 39%.
The bottom half of deals also became more meaningful in 2025, capturing about 25% of total capital versus about 10% in 2024. That is healthier than a market where the long tail is merely symbolic.
The 2026 signal is different. Lassie’s $75M Series C represents about 93% of capital, and the largest deal is almost 18 times the median round. That is a winner-takes-most distribution in the current snapshot.
The honest interpretation is that the Pet Tech market can produce winner-takes-most moments, but it has not yet proven a structurally winner-takes-most funding regime. Full-year 2025 was broad and mid-sized; early 2026 is concentrated around one scaled winner.
Is the next wave of Pet Tech winners becoming visible?
Yes, the next wave of Pet Tech winners is becoming visible, but it is concentrated in software-led healthcare infrastructure rather than general pet lifestyle products. The strongest candidates own recurring workflows around veterinary operations, insurance, claims, pharmacy, diagnostics, tele-vet, or health engagement.
The 2025 evidence is the best foundation for identifying the next wave because it included 14 deals across multiple stages and regions. Digitail, Lupa, Dalma, Napo, Koala Health, Goose, Tandem, and Airvet all point in the same direction: fundable companies make pet care more efficient, automated, reimbursable, accessible, or operationally scalable.
Lupa is especially important because it raised twice in 2025, moving from seed to Series A in less than nine months. That is the clearest company-level acceleration signal in the funding records.
Lassie is the clearest 2026 winner signal. Its $75M Series C suggests that prevention-first pet insurance, AI claims automation, and daily app engagement can form a scalable model.
The next wave is therefore visible at the archetype level. The winners are likely to look like infrastructure companies disguised as pet apps: recurring financial products, clinic workflow systems, health-data platforms, diagnostics intelligence layers, and pharmacy or telehealth distribution systems.
As this chart shows, and as featured in our Pet Tech market deck, search interest in pet cameras has risen sharply
Is the Pet Tech funding landscape fragmenting or consolidating?
The Pet Tech funding landscape broadened in 2025, which looks like fragmentation by deal count, investor count, and geographic spread, but capital conviction consolidated around stronger software-led business models. So the answer is not purely fragmentation or consolidation.
The fragmentation evidence is straightforward. Deal count rose from 5 in 2024 to 14 in 2025. Unique companies rose from 5 to 13. Active fundraising months rose from 3 to 9. Unique disclosed investors rose from about 22 to about 52.
Concentration metrics also improved in 2025. The top deal’s capital share fell from about 40% in 2024 to about 14% in 2025, while the top 3 deals’ share fell from about 90% to about 39%.
But category-level conviction consolidated. Pet Care Apps captured about 56% of capital in 2024, about 81% in 2025, and about 95% so far in 2026. That is a powerful concentration of investor attention around software-led pet-care infrastructure.
The right description is asymmetric. The market is fragmenting at the surface across more companies, investors, and regions, while consolidating underneath around the thesis that software can make pet care, veterinary work, insurance, pharmacy, diagnostics, and health engagement more efficient and recurring.
Where is investor attention shifting in Pet Tech?
Investor attention in the Pet Tech market is shifting toward software-led pet healthcare infrastructure. That includes veterinary operating systems, AI workflow automation, digital pet insurance, claims automation, digital pharmacy, tele-vet access, diagnostics intelligence, and recurring health-engagement apps.
The category mix shows the shift clearly. Pet Care Apps rose from about $34M in 2024 to about $135M in 2025, then accounted for about $77M of roughly $81M so far in 2026.
The company mix explains the shift better than the category label. MoeGo, VetVerifi, Scribenote, Lupa, Goose, Digitail, Dalma, Napo, Koala Health, My Brown, Pawchi, Petwealth, and Lassie all attach software to recurring pet-care workflows.
Investor attention is also shifting toward healthcare economics rather than pet-owner novelty. Insurance apps, tele-vet, digital pharmacy, diagnostics, and veterinary workflow software sit near the cost, labor, access, or reimbursement problems in pet care, which makes them easier to underwrite than discretionary consumer gadgets.
Hardware is not gone, but the funding bar is more conditional. Devices such as SATELLAI, Traini, Maven Pet, and ROPET are more fundable when they connect to AI, behavior interpretation, health risk recognition, subscription revenue, or data models.
For real-time tracking of how investor attention is moving across Pet Tech software, insurance, tele-vet, pharmacy, diagnostics, and hardware, see the Pet Tech market report.
INSIGHTS
The insights below come from reviewing every disclosed equity round in the Pet Tech market between January 2024 and May 2026, including full-year 2024, full-year 2025, and year-to-date 2026 through May.
- The Pet Tech market’s headline growth from 2024 to 2025 is real because both capital and deal count grew by nearly the same magnitude. That makes the 2025 expansion more credible than a funding spike caused by one oversized outlier.
- The 2026 year-to-date market should not be described as broadly accelerating, even though capital is slightly above the comparable 2025 period. Lassie alone accounts for about 93% of 2026 capital so far, so the current-year signal is better read as scaled-company validation than category-wide momentum.
- Median round size is more useful than average round size for interpreting 2026. The average round is about $27M, but the median is only about $4M, which means the average materially overstates typical fundability.
- The most important structural shift is not more pet startups, but more investable pet-care infrastructure. The best-funded companies increasingly solve problems in veterinary operations, insurance, claims, pharmacy, diagnostics, and care access.
- Pet Care Apps should be treated as an infrastructure bucket, not a consumer-app bucket. Most of the capital in this category is going to workflow, insurance, pharmacy, diagnostics, and operating systems rather than lightweight pet-owner utilities.
- The Pet Tech market is becoming more healthcare-like. Investors are backing products tied to clinical workflows, claims automation, prescriptions, prevention, tele-vet access, and diagnostics rather than products tied only to pet-owner convenience.
- Standalone hardware has become a weak venture proposition unless it includes an AI, health, subscription, or data layer. The repeated absence of connected feeder and monitoring-camera rounds suggests that a connected device alone is no longer a strong funding thesis.
- The market’s proof hierarchy is becoming clearer: recurring financial relationship first, workflow ownership second, data or AI enhancement third, and device novelty last. Companies that combine several layers are much more fundable than companies with only one.
- The absence of $50M-plus rounds in both 2024 and 2025 means Pet Tech was not yet a late-growth venture category before 2026. Lassie’s 2026 Series C is a meaningful break from that pattern, but one round is not enough to redefine the whole market.
- The 2025 market was broader and healthier than 2024 because concentration fell sharply. The top 3 rounds captured about 39% of capital in 2025 versus about 90% in 2024, which means 2025 funding was less dependent on a tiny number of companies.
- The 2026 market has temporarily reverted to high concentration. The top round’s share of capital rose from about 14% in full-year 2025 to about 93% so far in 2026, which makes the current-year market much less balanced.
- First financings remain present, but they are losing capital share. The drop from about 43% of capital in 2024 to about 23% in 2025 and about 2% so far in 2026 suggests that investors increasingly prefer companies with demonstrated traction.
- The market is not yet supported by strong repeat-investor behavior. Only firstminute capital appeared in more than one 2025 qualifying deal, and both investments were in Lupa, so the investor ecosystem is broad but not deeply specialized.
- Strategic animal-health and insurance-adjacent investors matter more in Pet Tech than in many pure software categories. Mars/Digitalis, Samsung Fire & Marine Insurance, and other strategic actors show that incumbents see value in data, distribution, and workflow control.
- Europe’s role is structurally stronger than a casual reading might suggest. Europe had 40% of 2024 deals, 36% of 2025 deals, and the dominant 2026 year-to-date capital event through Lassie.
- Asia-Pacific’s emergence is real but still capital-light. Moving from zero qualifying deals in 2024 to 3 in 2025 and one in early 2026 shows momentum, but average and median round sizes remain below North America and Europe.
- Tele-vet has transitioned from a breakout theme to an embedded infrastructure feature. Tele-vet rounds remain relevant, but tele-vet access increasingly appears inside insurance, employer benefits, and care platforms rather than as a standalone category-dominant thesis.
- AI is not the funding driver by itself. The strongest AI-linked rounds attach AI to expensive, repetitive, or labor-constrained workflows such as documentation, claims automation, scheduling, diagnostics, and behavior interpretation.
- The strongest Pet Tech companies often connect two sides of the ecosystem. Software that links pet parents, veterinarians, insurers, pharmacies, clinics, or pet-care operators is more fundable than software aimed at only one isolated user group.
- The biggest analytical trap is mixing strict digital Pet Tech with the broader pet economy. Including biotech, retail, food, offline clinics, or general e-commerce would inflate the market and obscure the actual investor shift toward software-led care infrastructure.
This chart, included in our Pet Tech market deck, shows how pet telehealth app technology has evolved over time
OUR METHODOLOGY TO BUILD THIS TRACKER
We built this Pet Tech funding tracker by reviewing every publicly disclosed equity round raised by pure-play Pet Tech companies between January 2024 and May 2026. A company counts as pure-play when more than 80% of its activity is dedicated to digital pet-care software, connected pet devices, pet health wearables, tele-vet, digital pet insurance, digital pharmacy, veterinary workflow software, pet-care operating systems, or related software-led pet-care infrastructure.
We applied four filters to build the dataset. First, we only included equity rounds, so grants, debt, structured financings, SPAC transactions, acquisitions, and business combinations are excluded. Second, we only counted rounds of $300K or more. Third, we only kept pure-play Pet Tech companies, which means we excluded pet food, toys, general pet retail, offline pet services, offline veterinary clinic chains, animal biotech or pharma-first companies, and non-digital pet businesses. And fourth, every entry had to be confirmed by a direct company announcement, a press release, tier-1 business or tech media, a specialized industry source, or a relevant regional publication.
We excluded undisclosed-amount rounds because including them would distort dollar-based metrics such as total capital, average round size, median round size, category share, geography share, and concentration ratios. The final analysis uses only disclosed-amount qualifying rounds, while acknowledging that private angel rounds, unreported SAFEs, and database-only entries without authoritative public support may be missing from a public-only tracker.
Related blog posts
- What is new in the Pet Tech market?
- The latest news in the Pet Tech market
- What is the real size of the Pet Tech market?
- The latest funding news in the Pet Tech market
- How funding activity has changed in the Pet Tech market
- Which startups have raised the most funding in the Pet Tech market?
- Which startups are the most valued in the Pet Tech market?
