Pets

Fast-rising pet ownership, driven by a younger generation of modernized and digitized pet owners, has energized the industry. As a new generation steps into pet parenthood, the opportunity to build technology-forward products to meet market demand is bigger than ever. Throughout the pandemic, as many other industries encountered great headwinds, the pet space benefited immensely. Since the start of Covid, there have been record numbers of pet adoption, with particular growth coming from Gen Z and Millennials. In 2020, pet industry sales surpassed $100 billion for the first time ever, as more and more pet owners—many of them first-time owners—spent more time, money, and attention on their animals. In fact, over 23 million US households took on a new pet during the pandemic, amounting to nearly one in five nationwide. We believe that the consumer will continue to benefit from digital advancement and innovation in this space.