At Form, we invest across regulated markets of all kinds: from centuries-old sectors such as financial services and healthcare, to new markets like carbon removal and cultivated meat. Veterinary care is not a sector we have backed before, but it is a market that has increasingly attracted our attention.
Over the last decade, veterinary spending has risen dramatically. UK pet owners spent £1.1bn on veterinary services in 2005; by 2023 that figure had reached £6.7bn. At the same time, the sector has seen extensive consolidation by corporate groups and private equity investors, prompting a Competition and Markets Authority market investigation into pricing, transparency and consumer outcomes.
In our view, these developments stem from two structural features of the market.
First, veterinary pricing remains unusually opaque. Pet owners often have little visibility into costs until they are already committed to treatment. Parts of the value chain command remarkable prices – like prescriptions, which are often charged at £40+ before the price of the medicine itself is factored in.
Second, veterinary regulation is comparatively light-touch. Vets themselves are regulated professionals, but veterinary practices are not regulated in the same way that human healthcare providers are. Combined with inelastic demand and limited price transparency, this has created an environment in which consolidation has been an exceptionally effective route to building profitable businesses.
We think this creates an opportunity for a fundamentally different model: one that is transparently aligned with the interests of pets and their owners.
Enter Snoots.
Snoots is the first members-only veterinary provider offering unlimited primary care for a flat monthly fee. While many veterinary groups advertise subscription products, these often function as customer-acquisition tools, with margins ultimately generated through upselling additional services.
Snoots takes a different approach, most similar to how Costco is counter-positioned in the retail sector. By taking most of its economics through a single, flat membership fee, Snoots can focus relentlessly on delivering value once customers are inside the door. The incentives are clear and transparent. Success comes from retaining happy members, not from maximising revenue on individual visits, tests or prescriptions.
That alignment matters. Veterinary care works best when owners seek advice early and often, rather than delaying treatment because of uncertainty over cost – and where the vets themselves are incentivised to keep pets healthy, rather than deal with the sick.
There will always be customers who prefer a premium experience, or the flexibility of paying visit by visit. But we believe the popularity of universal healthcare systems reflects a deeper consumer preference: people value predictability, ease-of-access and knowing they are aligned with their practitioner, when it comes to dealing with their health. We believe those preferences will also apply to pet care. Snoots is by far the closest a vet business has come to delivering genuinely universal primary care and diagnostics for pets.
The traction speaks for itself. Snoots has already served over 8,000 pets across six clinics in London and is opening its first US location this week
Just as importantly, Jonathan is exactly the kind of founder we love backing: deeply mission-driven, with years spent immersed in the category through senior roles at Bark and Pawp. He understands both the shortcomings of the current system and the opportunity to build something better – and he’s the type of leader that we would quit our jobs to work for.
We’re delighted to be doubling down on Snoots alongside Westbound, Vinyl, Jump Capital, and the rest of the investor group, and we’re excited to support Jonathan and the team as they build the future of vet care. And if you’re interested in using the best service in vet care, go to snootsvet.com in the UK, or joinsnoots.com in the US.