Neovia, through its venture capital fund “Neovia Venture”, takes a minority stake in Pitpatpet Ltd (PitPat), a UK’s leading provider in the fast growing market of “pet telematics”. This investment will help the company to complete its petcare range of services and is fully in line with the strong investment of Neovia in the innovative field of “interactive petline”: connected objects & data platforms for the petcare and horse industries. In that field, Neovia Venture has already taken a minority stake in Equisense (July 2016), a start-up specialized in connected objects for horses.
Neovia is gradually building a global leader in the dynamic pet care marketplace
Neovia ranks among the major pet food players with strong positions in Brazil, Mexico and more recently in China where the company has entered into exclusive negotiations to acquire the fifth player on the Chinese market (Sanpo). The company is also present in France, on the export market (more than 50 countries) and, since 2014, has developed a pet food activity in Vietnam and in the Philippines.
The pet care market is worth $105 billion and has been developing steadily for several years. It is driven by a growing demand in the major emerging countries (Brazil, Mexico, Russia, China) and characterized by two major trends. The “premiumization” of needs which is mainly linked to the increased purchasing power of mature and emerging markets and the humanization of pets that can be associated to a change in lifestyles and a new vision of the pets’ status.
Neovia minority stake acquisition in Pitpatpet illustrates the strategy of the company to invest strongly in the fast growing market of “pet telematics”
Neovia has defined 5 major innovation fields that will fuel its growth in the coming years. One of them is called “interactive pet line”, a pet approach that includes the extensive use of new technologies and connectivity to improve interaction between the owners and their pets.” It completes the outstanding expertise the company already has in formulation, R&D, production and marketing.
The acquisition of a minority stake in Pitpatpet, a leading UK player in Pet telematics is fully in line with this strategy. Indeed, Pitpatpet is a fast-growing company headquartered in Cambridge which is dedicated to improving animal health and wellbeing through the application of technology and data. The company designs and manufactures affordable products for pet owners, and creates bespoke solutions for commercial partners.
Pet telematics, part of the burgeoning “internet of things” revolution, is the latest application of low-cost, lightweight sensing and measurement technology that generates big data to improve business decision making.
PitPat’s activity monitor is a simple and unobtrusive device that is securely attached to a dog’s collar. Working with a free app, it provides owners with an activity goal tailored to their dog, and measures how much exercise they are actually getting. This simple combination not only delights dog owners, but also promises to change exercise behaviour, just as it has in the human fitness-monitor sector. The result could be happier, healthier dogs, and lower costs for dog-owners and insurers.
Through its attractive consumer device, and highly scalable data service, PitPat provides Neovia with the capability to analyse data recording the detailed exercise and feeding behaviour of hundreds of thousands of dogs. In addition, it could unlock new possibilities in dog feeding and other nutritional advances.
Hubert de Roquefeuil, CEO at Neovia commented, “We seize the opportunity to partner with Pitpatpet because it totally fits with our interactive petline innovation field (connected objects and data platforms for dogs, cats and horses). In addition, considering the key positions that Neovia has in France and in major growing international pet food markets such as Latin America or Asia, we see significant opportunities to access to more accurate data that are valuable for our clients and to offer the connected propositions we plan to develop.”
Pitpatpet Founder, CEO and former Dragons’ Den contestant Andrew Nowell said, “We are delighted to welcome Neovia as investor and partner. Their business insight and access to large-scale markets will help us deliver our current and future products to a global market.”
To download the press release, click on the following link: Press release Neovia_Pitpatpet minority stake_ENG_17 01 30