Tapping Crowdfunding Investors
The pet care business is currently drawing new funding for its company on the WeFunder crowdfunding platform. With the help of 20 investors, the campaign for the startup company has generated over $580,000 in new funding for DogWorx.
“DogWorx was created to exceed everything currently available in the dog services and wellness markets,” said Michael Lester, founder and CEO of the luxury pet care business. “DogWorx is the term that will be synonymous for the complete integration of everything human/dog related. There has never been a luxury destination like DogWorx.”
Funding raised from investors over the course of the campaign will help the startup company continue to develop its Houston Heights location in Texas. The luxury pet care business expects that it will cost its company roughly $19.2 million to fully develop its planned facilities, including the cost to acquire land. According to the campaign page for the pet care startup, $14.2 million has already been invested in its planned Houston destination.
The pet care business plans to open part of its luxury destination’s services in January 2022. Additional services are expected to start operations by December 2022.
A Luxury Destination for Dogs and Owners
Lester founded the startup company in an effort to help owners maximize the time they spend with their dogs. The pet care business aspires to create a first-of-its-kind environment where both owners and pets have access to a slew of luxury services.
The ambitious luxury destination is expected to take up over 67,700 square feet. DogWorx plans to offer a wide variety of services, including co-working offices for owners, luxury dog daycare and boarding areas, a veterinary clinic, and a pet spa. In addition, the campus will also include a pet-friendly bar and café, as well as a rooftop event center.
DogWorx expects its business to produce a positive net cash flow within its first year of operations. According to initial projections, the luxury pet care startup plans to charge an average of about $70 per dog for boarding, which includes insurance fees and daycare services.
Chasing the Growing Pet Care Industry
The pet care industry is expected to experience significant growth over the next few years. Market research projects the global pet care market to reach over $255 billion by 2027. The industry was worth an estimated $179.4 billion in 2020. Over the forecast period, the market is expected to register a CAGR of about 5.2%.
In the long term, DogWorx aspires to build facilities in a number of major cities across the US. Until then, the startup will have to compete with other dog daycare providers near the Houston area, such as Houston Bark Park, Yale Street Dog House and Bakery, and Jackson’s Place Unleashed Pet Resort and Bakery.
About the Author
James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.