U.S. homes have more pets than children.\u00a0<\/p>\n
And it\u2019s pretty lopsided. If the American Pet Products Association is to be believed, about 70% of American households have at least one pet, while, per the last U.S. Census, only about 40% of homes include a child younger than 18.\u00a0<\/p>\n
\u201cPets have become family, and we\u2019re absolutely going to continue moving in that direction,\u201d said Emily Dong, founder and CEO of pet wellness plan provider Snout.\u00a0<\/p>\n
Dong has worked in the pet industry for more than a decade, and her previous company, Pawprint, was acquired in 2020. She founded Snout in 2023 to help solve a key problem in pet care\u2014that vet care operates almost entirely on cash (or perhaps credit) at the time of service. In pet care, Dong said, there\u2019s limited billing and insurance backstop.\u00a0<\/p>\n
\u201cWith inflation and private equity coming into the space, prices have gone up 40% over the last five years and people can\u2019t afford basic things,\u201d said Dong. \u201cSo, it\u2019s terrifying to go to the vet. You don\u2019t know what vaccines will cost, and you\u2019re not going to get out of there for less than $300 to $500, even if nothing\u2019s wrong.\u201d Snout, to this end, focuses on covering preventative care, and effectively turns vet bills into memberships. Costs vary based on plan, but on average customers are paying $65 a month for Snout to help take care of vet costs upfront. Over time, customers pay Snout back. That\u2019s why Snout raised both debt and equity. The idea: Debt funds that no-interest, no-credit-check financing marketplace, while equity funds company operations.<\/p>\n
Snout has raised $10 million in Series A funding, led by Footwork, and $100 million in debt financing from Clear Haven Capital Management, the company has exclusively confirmed to Fortune. Other Series A backers include Bread and Butter Ventures, Pear, and Restive Ventures. For Footwork, Snout is a surprise\u2014it\u2019s the Mike Smith and Nikhil Basu Trivedi-founded VC firm\u2019s first investment out of its recently-raised $225 million second fund. And there\u2019s no AI in sight.\u00a0<\/p>\n
Read the whole story here.<\/a><\/p>\n See you tomorrow,<\/p>\n Allie Garfinkle Joey Abrams curated the deals section of today\u2019s newsletter. Subscribe here<\/a>.<\/p>\n VENTURE CAPITAL<\/p>\n – Claroty<\/b><\/a>, a New York City-based cyber-physical systems protection company, raised $150 million in Series F funding led by Golub<\/b> Growth<\/b>.<\/p>\n – Mesh<\/b><\/a>, a San Francisco-based crypto payments network, raised $75 million in Series C funding. Dragonfly<\/b> Capital<\/b> led the round and was joined by Paradigm<\/b>, Moderne<\/b> Ventures<\/b>, Coinbase<\/b> Ventures<\/b>, SBI<\/b> Investment<\/b>, and Liberty City Ventures<\/b>.<\/p>\n – Compa<\/b><\/a>, a Newport Beach, Calif.-based AI platform designed for compensation teams, raised $35 million in Series B funding. Jump Capital<\/b> led the round and was joined by Crosslink<\/b> Capital<\/b>, Storm Ventures<\/b>, and others.<\/p>\n – Evaro<\/b><\/a>, a Norwich, U.K.-based digital health care platform, raised $25 million in Series A funding. AlbionVC<\/b> led the round and was joined by Simplyhealth<\/b> Ventures<\/b>, Exceptional<\/b> Ventures<\/b>, Cornerstone<\/b> VC<\/b>, and BBI<\/b>.<\/p>\n – Fulcrum<\/b><\/a>, a San Francisco-based AI platform designed for insurance brokerages, raised $25 million across seed and Series A rounds led by CRV<\/b> and joined by South<\/b> Park<\/b> Commons<\/b>, Foundation<\/b> Capital<\/b>, and angel investors.<\/p>\n – Antheia<\/b><\/a>, a Menlo Park, Calif.-based biosynthesis company, raised $24 million in Series C funding. ATHOS<\/b> KG<\/b> and America\u2019s<\/b> Frontier<\/b> Fund<\/b> led the round and were joined by existing investors.<\/p>\n – BoldVoice<\/b><\/a>, a New York City-based AI-powered voice coaching platform for non-native English speakers, raised $21 million in Series A funding. Matrix<\/b> led the round and was joined by Flybridge<\/b>, Xfund<\/b>, Corazon<\/b> Capital<\/b>, Alumni<\/b> Ventures<\/b>, Umami<\/b> Capital<\/b>, and Y Combinator<\/b>.<\/p>\n – Opendate<\/b><\/a>, an Indianapolis, Ind.-based platform designed to combine booking, ticketing, and marketing for live events, raised $14 million in Series A funding. High<\/b> Alpha<\/b> led the round and was joined by existing investors.<\/p>\n – Limy<\/b><\/a>, a New York City-based platform designed to help companies surface in AI search, raised $10 million in seed funding. Flybridge<\/b> led the round and was joined by a16z<\/b> speedrun<\/b> and others.<\/p>\n – Risotto<\/b><\/a>, a San Francisco-based A-powered autonomous help desk, raised $10 million in seed funding. Bonfire<\/b> Ventures<\/b> led the round and was joined by 645<\/b> Ventures<\/b>, Y<\/b> Combinator<\/b>, Ritual<\/b> Capital<\/b>, Surgepoint<\/b> Capital<\/b>, and others.<\/p>\n – Brickanta<\/b><\/a>, a Stockholm, Sweden-based agentic AI platform designed for construction workflows, raised $8 million in seed funding. Northzone<\/b> led the round and was joined by angel investors.<\/p>\n – SpotDraft<\/b><\/a>, a New York City-based AI-powered contract lifecycle management platform, raised $8 million in a Series B extension from Qualcomm<\/b> Ventures<\/b>.<\/p>\n EXITS<\/p>\n – Adenia<\/b> Partners<\/b> agreed to acquire a majority stake in Parkville<\/b> Pharmaceuticals<\/b><\/a>, a Cairo, Egypt-based cosmeceutical company, from Admaius<\/b> Capital<\/b> Partners<\/b>. Financial terms were not disclosed.<\/p>\n – Resonetics<\/b> acquired Resolution<\/b> Medical<\/b><\/a>, a Fridley, Minn.-based medical device design and manufacturing company, from Arcline<\/b> Investment<\/b> Management<\/b>. Financial terms were not disclosed.\u00a0<\/p>\n PEOPLE<\/p>\n – Blueprint<\/b> Equity<\/b><\/a>, a San Diego, Calif.-based private equity firm, hired Taylor<\/b> Cavanah<\/b> as an operating partner. Formerly, he was CEO of PetDesk<\/b>.<\/p>\n – Fika<\/b> Ventures<\/b><\/a>, a Culver City, Calif.-based venture capital firm, promoted Gabriella<\/b> Brignardello<\/b> to partner.<\/p>\n – Maverick<\/b> Ventures<\/b><\/a>, a San Francisco and New York City-based venture capital firm, promoted Lexi Henkel<\/b> to managing director.<\/p>\n – Sierra<\/b> Ventures<\/b><\/a>, a San Mateo, Calif.-based venture capital firm, hired Shomik<\/b> Ghosh<\/b> as a partner. Formerly, he was with Boldstart<\/b> Ventures<\/b>.<\/p>\n
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