"U.S. homes have more pets than children. And it's pretty lopsided. If the American Pet Products Association is to be believed, about 70% of American households have at least one pet, while, per the last U.S. Census, only about 40% of homes include a child younger than 18. "Pets have become family, and we're absolutely going to continue moving in that direction," said Emily Dong, founder and CEO of pet wellness plan provider Snout."
""With inflation and private equity coming into the space, prices have gone up 40% over the last five years and people can't afford basic things," said Dong. "So, it's terrifying to go to the vet. You don't know what vaccines will cost, and you're not going to get out of there for less than $300 to $500, even if nothing's wrong. That's tough for the average American.""
"Snout has raised $10 million in Series A funding, led by Footwork, and $100 million in debt financing from Clear Haven Capital Management, the company has exclusively confirmed to Fortune. Other Series A backers include Bread and Butter Ventures, Pear, and Restive Ventures. For Footwork, Snout is a surprise-it's the Mike Smith and Nikhil Basu Trivedi-founded VC firm's first investment out of its recently-raised $225 million second fund."
About 70% of American households have at least one pet, while roughly 40% include a child under 18, shifting family priorities toward pets. Pet wellness startup Snout was founded to address the largely cash-based veterinary payment model and rising costs. Veterinary prices have risen about 40% over five years, causing sticker shock for routine visits that can cost $300–$500. Snout secured $10 million in Series A equity and $100 million in debt financing, backed by investors including Footwork, Bread and Butter Ventures, Pear, and Restive Ventures.
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