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ITCH raises £7.25M: Founder of sleep tech startup Simba enters pet tech

Right now, we have startups for everything right from booking a taxi to getting massages at the comfort of our home. Well, some ensured not to leave out the pet industry alone. 

The exponential rise of pet ownership has struck some animal lovers who have turned entrepreneurs to help solve what they are deeply passionate about – pets. According to the report, the global pet insurance market size stood at USD 6.05 billion in 2018 and is projected to reach $11.25 billion by 2026, exhibiting a CAGR of 8.0% during the forecast period. 

From pet health care to accessories, numerous startups are creating a whole new industry out of it. Based out of Leeds, ITCH is a subscription-based pet wellbeing startup. 

Raised £7.25M

Recently, the company has secured £7.25M in early-stage investment from Accel Partners and Seedcamp. To date, the company has raised a total of £12.25M in funding. 

How will the funding be used?

The company will use the funding to expand into the pet insurance sector and launch into the US, expand into the pet insurance sector, and fuel further development of its data platform. As a part of the funding round, Andrew Pinnington, former mytaxi (Hailo) boss also joins as CEO.

Co-founder & Chairman ITCHpet.com James Cox said: “Offering pet owners direct access to the best personalised treatment products for their pets is proving a winning formula. Our latest investment combined with the current rate of growth and onboarding of a new management team will accelerate our position on home soil, and an expected funding round later this year or early next will enable us to expand into the US and beyond”.

Offers an alternative for preventing flea infestations

Founded by pet industry entrepreneurs Jonny and Adam Gould [Monster Pet Supplies] and James Cox (YYX Capital), ITCH is on a mission to energise and inject personality into the staid flea prevention market with a monthly flea and worming home delivery service.

James Cox is also founder of Simba, Europe’s largest sleep tech company.  Further, James is also co-founder of YYX Capital – an investment firm focused solely on the consumer sector.

The UK company offers a quicker, cheaper, and more convenient alternative for preventing flea infestations, worming issues and generally providing preventive care for pets, the platform also provides calming treats and skin, joint and dental product add-ons.

Developed in collaboration with veterinary experts

Developed in collaboration with veterinary experts in response to the increasing demand for more bespoke pet care, ITCH now ships over 110,000 pets per month across the UK.

With a monthly customer growth rate of 10-20%, the pet wellbeing firm is on track to reach circ. £10M+ in annual recurring by year-end 2020, claims the company. From only £6.50 per month and delivered free, ITCH’s subscription service cuts out the middleman, focusing on low cost.  

Carlos Eduardo Espinal, Managing Partner, Seedcamp said: “To date, pet owners have been left underserved, with few companies demonstrating genuine care for pets that matches the owners. We backed the ITCH team because of their passion for making products that transform the experience for pet owners, buying into their proven historical track records in the sector and wider D2C arena”.

The post ITCH raises £7.25M: Founder of sleep tech startup Simba enters pet tech appeared first on UKTN (UK Tech News).

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