By Nidhi Madhavan and Emily Fasold, with additional reporting by Heather WestTechnology-focused companies in the US pet sector are receiving strong venture capital interest as pet ownership demographics change, according to several industry sources. ManuelFDIn addition to steady investment capital, the pet tech space has seen several notable acquisitions, and corporate venture capital funds and relationship building activities from Nestle’s Purina and Mars’ petcare unit. Smaller pet tech companies, including Rover.com, Petnet and Wagz, are also attracting venture capital. “Investors are valuing these companies really high,” Allen says, noting that some companies double their valuations with each successive equity round. The outlook for health-related companies and services, such as diagnostics apps and pet health insurance, is strong.

Source: Forbes May 15, 2018 14:26 UTC