How Felmo Helps Pet Owners
Felmo may be seen as a niche health service and data management app. "The App offers a veterinary chat, a digital health record, individualized health tips, digital health checks & tracking possibilities," commented Felmo co-founder Lars Giere. The business’s mobile app is available on Android and iOS.
The Three Key Investors Supporting Felmo’s Business
In a funding round estimated at "several million euros," the startup has secured capital from three firms — Redalpine, HV Capital, and 468 Capital. Redalpine, which acted as lead investor, typically invests $9.4 million US per fund, according to Nordic9.com. Redalpine's investments include Robinhood (stock brokerage app), tab (an event ticket service), and Zenjob (a staffing software startup company). The firm's list of exits includes bexio (small business accounting software), RosieReality (robots), and CarThrottle (an online community for car enthusiasts).
Felmo's Growth Plans
"The additional capital will be used to expand Felmo's services into new regions, scale the team, and add additional pet healthcare services. Specifically, we are working on enhanced app functionality (e.g., self-checks for most common pet diseases), as well as broadening and improving the offering of Felmo's ecommerce shop," commented Felmo co-founder Lars Giere in an interview.
The company's ecommerce shop currently offers a worm test (€34.99 or $41) and anti-stress products. Worms afflict many pets. The American Heartworm Society recommends to "get your pet tested every 12 months for heartworm" because worms are found “in all fifty US states."
COVID-19 Drives a Boom in Pet Popularity
Since the pandemic drove millions of people to stay home, there has been a significant increase in pets in several countries. In the United States (US), demand for dogs exceeded the number available in 2020. The Washington Post reported in August 2020 that "Some rescues were reporting dozens of applications for individual dogs. Some breeders were reporting waiting lists well into 2021."
The Pet Care Market Is Worth Billions and Business Is Booming
According to the American Society for the Prevention of Cruelty to Animals (ASPCA), nearly half (44%) of all households in the US have a dog, and 35% have a cat. In Felmo's home market of Germany, there are also millions of households with pets. Nearly one quarter (23%) of German households have a cat. The German pet food supply sector was worth €5.2 billion ($6.3 billion) in 2019.
About the Author
Bruce Harpham is an author and marketing consultant based in Canada. His first book "Project Managers At Work" shared real-world success lessons from NASA, Google, and other organizations. His articles have been published in CIO.com, InfoWorld, Canadian Business, and other organizations. Visit BruceHarpham.com for articles, interviews with tech leaders, and updates on future books.