Ukrainian startup Animal ID raises $500k at a $5M valuation
The Ukrainian platform for pet owners Animal ID raised $500,000 at a valuation of $5 million. The team does not disclose information about investors, but notes that these are “several business angels.” The editor of AIN.UA talked to the founders of Animal ID and found out what the startup does, what results it has reached, and what goals it aims to achieve.
About Animal ID
Animal ID is an international online platform for pet owners. The project started in 2011 as a public initiative, and in 2015 it became a full-fledged startup. Animal ID co-founders are Victor Kopach, Vadym Melnyk, and Vasyl Dub. Currently, the Animal ID platform unites about 120,000 users in 15 countries, and here you can:
- Create a pet profile and upload the necessary documents.
- Buy a QR passport that helps to search for an animal when it is lost.
- For veterinary physicians, to see features of the pet’s health, as well as to keep records of its procedures.
One of the services of Animal ID is searching for lost pets. The startup sells special QR pet tags by scanning of which the user will be able to find the pet’s profile on the platform and contact its owners. And the owner will get a notification to the e-mail that the QR passport of his or her pet has been scanned. One of the peculiarities of the tag is that the startup sends it the next day after the order.
Also, Animal ID is a member of Europetnet, a group of associations based across Europe who register owner information about pets. If a person finds a lost ID chipped pet, which is also registered on the Animal ID platform, by scanning the chip will get its code on the platform and will be able to help with the search.
Business model and clients
Animal ID says that since the company operates, it sold about 40,000 QR passports. They are sold directly to the clients and through the government of the cities as well. Currently, Animal ID cooperates with 20 Ukrainian city administrations. The partnership means, firstly, integration with local animal bases and, secondly, the sale of tags through the veterinary clinics of the cities.
The sale of tags is one of the two sources of monetization for Animal ID. The second is joint projects with producers of animal products.
In 2019, Animal ID raised $500,000 for new projects. Firstly, the startup enters the U.S. market by opening production and office there. The startup notes that they decided to scale up, as the market in the U.S. is much larger than the Ukrainian one. “Moreover, while in Ukraine, the phenomenon of a responsible pet owner is only gaining popularity, in the U. S. it is already a common practice,” says Vasyl Dub.
Besides, the startup develops an application. It will have two versions: free one – with a basic set of functions and paid one – with additional features.
Currently, Animal ID employs 20 people in 4 offices in Ukraine. In 2020, the startup plans to reach 500,000 registered users, increase its personnel, and raise a new round of investments.