Why We Invested in Fi  –  the Smartest Dog Collar

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first_img Filed Under: Funded in the Alley, Funding, Funding News, Hardware, IoT, Launching in the Alley, PetTech, Startups Tagged With:  Loren Kirkby, Fi, Jonathan Bensamoun Why We Invested in Fi  –  the Smartest Dog CollarApril 19, 2019 by Trace Cohen 313SHARESFacebookTwitterLinkedin One of my good friends Lylan Masterman shared their teaser deck with me early last year and I’m a dog person so I was definitely interested to learn more. I grew up with dogs in suburbia, always being a little hesitant to let them out in the yard because I think most dogs have figured out how to get out / dig under the fence and run away at some point.MarketThere are over 70M dogs in the US and the average household spends over $1000 a year on them, which makes the TAM ~$70B, though smaller for products like this but growing nicely. If you’re a dog person, this doesn’t sound too crazy to you.Problem/solutionMany of my friends with dogs generally get them a chip but that’s the analog way of finding a dog, should someone find them and get them scanned. We live in a digital world now though and you should be able to track your dog in real-time, with a device that can last over a month, not just a few days. You can also track your dog when your walker takes them out or if you’re curious how many steps (exercise) they get.Team/foundersWhen you invest pre-product/revenue on something that isn’t planned to be ready for over a year, you’re betting on the team to execute and figure it out.Jonathan Bensamoun CEO — a phenomenal product visionary. He was on the early product teams at Shopkeep, Square and Handy, so his roadmap was very robust and he delivered on all of it.Loren Kirkby CTO — consumer hardware technology expert. Was employee #1 at Dropcam and was there Chief Architect through the $500M+ acquisition by Nest (Google).The ProductThis is a pet tech startup and Fi makes the best smart collar using the latest LTE-M technology to offer the most reliable tracking device on the market for pet owners. The collar is designed to provide dog owners with a better-looking option for their pet, built with a battery that can last over a month between charges.We invested in their seed round pre-product/revenue that was led by Lerer and they just closed their Series A led by RRE.Reprinted by permission.PREVIOUS POSTNEXT POSTlast_img

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