Innovation isn't merely for 2-legged species these days. According to CNBC, Mars is pouring $100 million into a new venture fund that will solely back pet care products, tech and services.
Pet owners are some of the most brand loyal consumers in the spending market and their share is rising - having spent nearly $70 billion on pet-related products in 2017. The funding is necessary to spike innovation as the pet-tech industry has been somewhat stagnant over the past decade. However, there have been new players in the place that are totally changing the game. Think, iFetch that plays ball with Fido when you're away or PetChatz, coined the digital daycare for your pet.
Mars' interest in pet-tech is unique - it adds substantiation for a category often reserved for "As Seen on TV", SkyMall and SharkTank pitches. While Mars is already leading the charge in pet food manufacturing the backing of pet-tech products leaves a lot of room for consumer brands to bridge the gap from human-only products.
We're excited to see what the next 6-months look like for Mars, and as pet lovers, we'll be watching closely for the latest and greatest to get our hands (and paws) on.
Mars, the world's largest manufacturer of pet foods, is starting a venture fund to back pet-tech, products and services