""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.""
About 70% of American households have at least one pet, while only about 40% include a child under 18. Veterinary care remains largely cash-based with limited billing or insurance backstops. Veterinary prices have risen roughly 40% over five years, making routine visits and basic services increasingly unaffordable for many pet owners. Snout launched in 2023 to cover preventative care by converting vet bills into membership plans, with average customers paying about $65 per month and repaying Snout over time. Snout secured $10 million in Series A funding led by Footwork and $100 million in debt financing from Clear Haven Capital Management.
Read at Fortune
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