Introduction
Petzey aims to revolutionize pet health care by making credible, professional advice more accessible to all. The Petzey app connects pet parents instantly with a credentialed veterinary professional 24/7 for just $20 per consultation.
Highlights
- 70% of all U.S. households have a pet, that’s approximately 90.5 million families.
- According to the ASCPA, 23 million American households acquired a pet during the pandemic.
- Our country is experiencing a nationwide shortage of veterinary professionals, and the U.S. Bureau of Labor Statistics predict the problem will get worse.
- Traditional veterinary facilities are not able to handle the increased demand.
Problem
70% of U.S. households have a pet, and as of 2019 there are more pets in homes than babies. At the same time, there is a critical shortage of veterinarians which means traditional veterinary facilities cannot handle the increased demand.
Booking an appointment with your family veterinarian has become an increasingly difficult task these days. In fact, many professionals are ringing the alarm bells and calling it a full-blown crisis. Between massive backlogs, fewer hours, and long waitlists, pet owners are wondering what they can do when they need help or have questions about their pet’s health.
Solution
Petzey Aims to revolutionize veterinary care by making it accessible to everyone.
When pet parents have concerns about the health of their pet, they want answers right away. With Petzey, a pet parent can instantly talk or video chat with a credentialed veterinary professional, twenty-four hours a day, seven days a week from all 50 states for just $20.
Business Model
Petzey is a two-side platform model like Uber and Airbnb. We connect pet parents with veterinary professionals for consultations on pet health, pet care and pet behavior. The consultation calls are a flat rate $20 per call.
Testimonials
Market
According to Morgan Stanley’s Research Report US Pet Care Industry - 2021:
Industry spending is expected to nearly triple in the next decade from $107B in 2019 to $275B in 2030.
Drivers:
- Millennial population and demographic growth
- Pets have become family members
- COVID = surge of pet ownership
Pet care spending is poised to accelerate.
- 70% of U.S. households have one pet or more, 85M pet households
- For the first time in the U.S., there are now more households with a pet than households with a baby (2019)
- Animal healthcare spend recently reached $40B, nearly overtaking pet food as largest sub-sector (2019)
- By 2030 - Animal healthcare spending is projected to grow and become the most important segment of U.S. Pet Care
Success to Date
- Friends & Family / SEED Note - raised $3M in capital
- Petzey App Developed - completed MVP 1 and Version v1 of the App on Network Platform with proprietary routing and matching algorithm
- Recruited Initial Network of Virtual Veterinary Professionals in all 50 states
- We have now operationalized a ubiquitous, seamless network in all 50 states compliant with all State Veterinary Practice Acts
- Currently engaged 32 Enterprise clients through our voluntary benefits program with an addressable market of 963,000 pet parents including AT&T, CenturyLink, and Accenture
- Channel partnerships with Lincoln Financial Group
- Pilot program with Farmer's Insurance
- Charity of choice is the Bissell Pet Foundation working with 5,300 pet shelters in all 50 states
- Petzey Wellness Alliance membership - a bundled service offering the best-of-breed pet services to build and leverage differentiation in the market
Team
Use of Proceeds
If the offering's maximum amount of $1,070,000 is raised:
| Use | Value | % of Proceeds |
|---|---|---|
| Employee Salaries | $376,000 | 35.1% |
| Marketing | $160,000 | 15.0% |
| Sales & Provider Launch | $115,000 | 10.7% |
| App Development | $200,000 | 18.7% |
| Professional Services | $50,000 | 4.7% |
| General & Administrative | $116,570 | 10.9% |
| Intermediary fees | $52,430 | 4.9% |
Terms
This number includes all funds raised by the Company in this round on Netcapital. This is an offering of Common Stock, under registration exemption 4(a)(6), in Petzey Technology, Inc.. This offering must reach its target of at least $10,000 by its offering deadline of November 30, 2022 at 8:59pm ET. If this offering does not reach its target by the offering deadline, then your money will be refunded.
If the offering is successful at raising the maximum amount, then the company’s implied valuation after the offering (sometimes called its post-money valuation) will be:
Pitch Deck
Financials
These financial statements have been reviewed by an independent Certified Public Accountant.
SEC Filings
The Offering Statement is a formal description of the company and this transaction. It’s filed with the SEC to comply with the requirements of exemption 4(a)(6) of the Securities Act of 1933.
We’re also required to share links to each of the SEC filings related to this offering with investors.
Understand the Risks
Be sure to understand the risks of this type of investment. No regulatory body (not the SEC, not any state regulator) has passed upon the merits of or given its approval to the securities, the terms of the offering, or the accuracy or completeness of any offering materials or information posted herein. That’s typical for Regulation CF offerings like this one.
Neither Netcapital nor any of its directors, officers, employees, representatives, affiliates, or agents shall have any liability whatsoever arising from any error or incompleteness of fact or opinion in, or lack of care in the preparation or publication of, the materials and communication herein or the terms or valuation of any securities offering.
The information contained herein includes forward-looking statements. These statements relate to future events or to future financial performance, and involve known and unknown risks, uncertainties, and other factors, that may cause actual results to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond the company’s control and which could, and likely will, materially affect actual results, levels of activity, performance, or achievements. Any forward-looking statement reflects the current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to operations, results of operations, growth strategy, and liquidity. No obligation exists to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
More Info
Updates
- Dec 1, 2022Primary offering finalized, selling shares
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