British subscription-based pet wellbeing firm, ITCH, has secured £7.25m in early stage investment, paving the way for it to expand into the £4.5bn global pet insurance market.
In a round led by YYX Capital, the personalised direct-to-consumer pet care service raised the cash injection from Accel Partners and Seedcamp, taking the total investment to £12.25m.
On a mission to energise and inject personality into the staid flea prevention market, ITCH launched in July 2019 with a monthly flea and worming home delivery service.
Headquartered in Leeds, the direct to consumer business founded by pet industry entrepreneurs Jonny and Adam Gould [Monster Pet Supplies] and James Cox (YYX Capital) will use the funding to launch in the US, expand into the pet insurance sector and fuel further development of its data platform so it is best placed to serve pets and their owners.
With global pet insurance industry revenues poised to surpass USD 10 billion / GBP 7.6bn by 2025 (Global Market Insights, Inc.) and the UK industry alone set to reach USD 1.8bn / GBP 1.4bn by 2025 (marketdataforecast), ITCH believes it’s primed to take a sizeable bite out of the market.
Co-founder & Chairman ITCHpet.com James Cox said: “Offering pet owners direct access to the best personalised treatment products for their pets is proving a winning formula.
“Our latest investment combined with the current rate of growth and onboarding of a new management team will accelerate our position on home soil; and a expected funding round later this year or early next will enable us to expand into the US and beyond.”