Emily Dong of Snout, founder and chief executive officer, joins theCUBE Research at the New York Stock Exchange Wired Mixture of Experts series to explain how Snout combines financial technology and clinic partnerships to make routine pet healthcare more affordable. Hosts Gemma Allen, John Furrier and James O'Loughlin guide a discussion of the company’s clinic-facing membership model, veterinary-facing software, pricing and the market dynamics that prevent pet insurance from becoming mainstream.
Dong details Snout’s subscription-like wellness plans with an average spend of roughly $60 per pet per month, which let clinics convert services into predictable monthly payments. They explain the company raises about $20 million in equity and $100 million in debt to fund care. Insurers and analysts report 10 to 30 percent fewer catastrophic claims when pets receive regular wellness services. The conversation covers pricing strategies, revenue predictability for veterinary practices and factors to consider for broader adoption of preventative pet care through veterinary fintech.
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Emily Dong, Snout
Emily Dong of Snout, founder and chief executive officer, joins theCUBE Research at the New York Stock Exchange Wired Mixture of Experts series to explain how Snout combines financial technology and clinic partnerships to make routine pet healthcare more affordable. Hosts Gemma Allen, John Furrier and James O'Loughlin guide a discussion of the company’s clinic-facing membership model, veterinary-facing software, pricing and the market dynamics that prevent pet insurance from becoming mainstream.
Dong details Snout’s subscription-like wellness plans with an average spend of roughly $60 per pet per month, which let clinics convert services into predictable monthly payments. They explain the company raises about $20 million in equity and $100 million in debt to fund care. Insurers and analysts report 10 to 30 percent fewer catastrophic claims when pets receive regular wellness services. The conversation covers pricing strategies, revenue predictability for veterinary practices and factors to consider for broader adoption of preventative pet care through veterinary fintech.
>> Palo Alto Studio connecting, Silicon Valley and Wall Street. I'm John Furrier, co-host of theCUBE here with James O'Loughlin, my co-host. Welcome to theCUBE studio here at the New York Stock Exchange. I'm Gemma Allen, co-host of NYSE Wired's Mixture of Experts. And today we are talking about pet care, a $150 billion-plus industry. But when your dog or cat needs care, the bill can still feel like a huge financial burden. Emily Dong is taking a different approach. Instead of waiting until something goes wrong, she's building a way for pet owners to pay for care before the crisis hits. She's a repeat founder, and with her new company Snout, she's putting fintech into the veterinary clinic. Emily, welcome to the show.
Emily Dong
>> Thank you for having me.
Gemma Allen
>> So first of all, this is quite a feel-good product, right? I have to start by saying this. I read about this and I was like, oh, I love this. Oh, this idea of preventative care for your most beloved creatures. Yeah. But maybe help me understand a little bit about this company, the origin, the mission, and I guess really where you are at in building towards this journey.
Emily Dong
>> Yeah, absolutely. so I started my first company Pawprint 10, 11 years ago, and when we got into the space, we noticed this huge problem, which is that people often struggle with the bill. You have that moment where the bill comes and you have to pay it or your pet doesn't get the care, and it's a fully cash-based industry, right? So a lot of people are really shocked by that. Myself included. I got my dog when I was in college, and a lot of people I know are like, oh, the vets are ripping us off, they're charging so much. And we're seeing prices continue to rise, right? And so as I got into the industry and I got to know vets personally, I realized that most of them— I mean, I hesitate to say this, but they're terrible business people. They're not trying to raise prices. They're bleeding hearts. They want to help animals, right? And so I felt this huge disconnect around the ability to pay for care. And the insurance companies came out and they say this is the solution. And in the human health industry, that's true. But now, 10 years later, insurance is still only used by 4% of pet owners. So it's very clearly not the solution that people are looking for. So once I got into it, I realized there's this whole segment of care that nobody is providing financing for, and that's all the stuff that happens before pets get sick.
Gemma Allen
>> I mean, you're so right. I think that a lot of people become vets because it's a vocation, right? Like they're animal lovers. They're not necessarily Machiavellian capitalists. Like, yes. Yeah. Especially in my experience. But let's turn to insurance for a second, because obviously it's a very interesting part of this overall conundrum. 4%. It surprises me and it doesn't. I have a lot of friends in Brooklyn, New York, who have very cute animals and they're like, insanely cute, . Mini poodles that look like their clothing is worth more than mine.
Emily Dong
>> They wear some fancy stuff now.
Gemma Allen
>> Burberry booties.
Emily Dong
>> Yeah.
Gemma Allen
>> And they're still not insured. Why is that though? what is happening in that space that makes it so less mainstream than it should be?
Emily Dong
>> Well, so insurance doesn't work the way people expect. And I think the first thing to understand, strangely, is that pets are still legally considered property. So pet insurance is property insurance. Right? So it's more like car insurance than it is like your health insurance.
Gemma Allen
>> Mm-hmm.
Emily Dong
>> Meaning it's only covering if something goes wrong.
Gemma Allen
>> Okay.
Emily Dong
>> So if your pet gets in a dog fight, they get hit by a car, they get cancer, insurance will cover those things. And so you have a small segment of the population that are experiencing these catastrophic events, and for them, they're like, insurance is my savior. But for everybody else, the experience is I buy insurance. I'm now paying $50 to $200 a month for my pet. And when I go to the vet, I expect, like when I go to my doctor, that insurance is going to foot the bill. And then they find out, no, it doesn't cover vaccines, it doesn't cover exams, it doesn't cover anything that you would consider regular care. And now that care is $800 to $2,000 a year. So you go in and you're now being billed $800 on the spot for your healthy pet. And so a lot of people decline care, and that's one of the big stats in the industry is a majority of people are declining care every year. Even after they've actually made it into the vet office, they're saying, I don't need the blood work, I don't need the heartworm prevention. They find the things to skip and they're negotiating with the vet, which is something you could— I could never imagine doing that with a doctor, right? You just trust their opinion.
Gemma Allen
>> Of course.
Emily Dong
>> Yeah.
Gemma Allen
>> And people spend so much on grooming. Treats, right for their animals, often especially dogs. I've never actually thought about holistic medicine and preventative care on that side of it. Yeah, talk me through the economics of this from your perspective though. So what you were essentially offering is a fixed fee, working directly— it's B2B. Yeah, your company directly to veterinary clinics, or B2B2B, I guess, in the form of insurance. Yeah, B2B2B, B2B2C.
Emily Dong
>> Are you working B2B2C? So we work with the veterinarians We sell to them and we create the software platform so they can essentially turn their services into a membership. Okay. Right. And that gives their pet owners, their clients, the ability to pay on a monthly basis rather than looking at that $600, $800 bill on day one. They say, okay, membership starts at $60, $70, and for that it will cover your visit today plus any additional visits you might have for the year. If you have a puppy, they're gonna come in a couple more times for boosters. If you have a senior pet, their packages typically have more blood work and diagnostics so that they can catch things sooner. So it gives people that peace of mind.
Gemma Allen
>> And there's tiers, like is there, kind of a starter option and I guess you can add additional services on, give me a sense of the cost per month.
Emily Dong
>> their average spend per pet is around $60 per month.
Gemma Allen
>> Okay.
Emily Dong
>> And it varies a lot, right? We do separate things out like flea medication and dental care. Those things can be a lot more expensive.
Gemma Allen
>> I heard that about dogs actually.
Emily Dong
>> Yes.
Gemma Allen
>> Yeah.
Emily Dong
>> Yeah. Dental cleanings, people are like, oh, it's so expensive. It's $1,000. I'm like, oh, you found a really cheap one actually. That's really affordable dental care. So some of those things we separate out, but the regular plans, there's no real bronze, silver, gold concept. I think about what we're doing as almost like affordable healthcare, right? These are the basics that every pet should have. And so we don't have anything in there that you should be skipping. Like everything we put in there is very intentional. And the best example I have of that is blood work. So 1 in 5 times they catch something in the blood work. And so people skipping blood work, they're like, yeah, I don't wanna spend the $200. But think about 1 in 5 are then having to spend thousands of dollars on the other end of that if you don't catch it early.
Gemma Allen
>> So talk to me about the other options for this model, because you mentioned B2B2C, but what has the relationship and the response been like from pet insurers? It seems as though there's definitely a level of commercial advantage to them in this too. Are they part of the longer-term strategy here?
Emily Dong
>> Yeah, we keep in touch with all the pet insurance companies and we view them as, as friends and collaborators in the future. So they're covering all the catastrophic care when something bad happens, and we don't cover that. We cover the basics. And so really, when people think about health insurance and what they want for their pet, they're thinking about the combination of insurance and wellness care. So eventually we want to form those partnerships. And insurance companies already have lots of stats on pets who are on wellness plans are filing 10 to 30% less in claims. So it's great for them. And our goal ultimately is to create new products so that we can pass those savings on to pet owners and make vet care more affordable.
Gemma Allen
>> Wow. Okay. So Emily, talk me through the numbers. You've raised a certain amount of money to date. Maybe help me understand, though. Obviously, there's a strong investment thesis here. Give me— help me understand. Bring it to life for me a little bit.
Emily Dong
>> Yeah, we've raised about $20 million in equity. We've raised $100 million in debt. And so, people look at that big flashy number, $100 million. All of that money is going to paying for the vet care, right? What we're doing is we're giving the ability for people to pay over time without having to finance it, without having to do credit checks. You know, pet care has become what I view as a need-based service. And that's a really interesting transition, right? Like it used to be a nice to have. And now as people view their pets more as family, the healthcare for that family member doesn't feel optional anymore. Right. And so to say that you can only get the service if you have good credit feels wrong to me. And that's the thing that I'm really passionate about is finding a way to make the capital work for us instead of against us.
Gemma Allen
>> What does the product actually look like here? I guess, is it like some sort of dashboard? Like, how do these consumers engage with the vets, what is that, I guess, user experience like, right? Can you ask it questions, for example? Does it recommend particular needs to you based on your animal? You know, like, yeah, how is that side of it, totally, progressing?
Emily Dong
>> We still rely on the vets to do all the medicine, so we're not answering questions. The vet is the respected expert, you know. We're not providing medical care, we're the financers. So it's kind of like insurance. So you can log in, you can see what services you have remaining, what services you've used. Well, that plan is built by your veterinarian and what they recommend you do each year, how often you should be coming in, what services you should be getting. But yeah, for the most part, it's kind of behind the scenes, you know?
Gemma Allen
>> Okay.
Emily Dong
>> You go to the vet and where you used to have this experience of looking at a huge bill, signing an estimate, figuring out how many cards you want to split it across. If you're a Snout member, now you go, the vet checks that you have an active plan and you can just walk out the door and we'll pay for it.
Gemma Allen
>> Talk about the go-to-market for something like this, right?
Emily Dong
>> Yeah.
Gemma Allen
>> I mean, again, it's an interesting space, veterinary holistically. Mm-hmm. How do you market this platform, this service to vets all across the US? Talk me through what that has been like. I don't know where vets go for information or for innovative ideas around how they can run their businesses better. But help me understand.
Emily Dong
>> Yeah, vets are a very relational industry. Everybody I've met in the pet space has been there for decades. Like it's truly an industry where people are so passionate about what they do. So a lot of it is word of mouth and referrals of hearing from other vets. And, you know, especially since the announcement We've gotten a lot of inbound interest from veterinarians, and once we got into a few, like the first 10 or 20 vets, we had to go actively pitch. I'm cold emailing vets. I'm like, listen, I think this is the problem. I want to hear your perspective on that. And thereafter it just started picking up on its own.
Gemma Allen
>> Wow.
Emily Dong
>> Yeah.
Gemma Allen
>> Interesting space, Emily, for sure. So yeah, talk about the company, what's ahead, you know, where you guys are at from the perspective of You're out of stealth. What does the next 12 months look like for you and the team at Snout?
Emily Dong
>> Yeah, at this point it's all about growth and availability. The first couple years we were proving out the business model. We were learning how to price these plans, how to work with veterinarians, how to help them message this to their clients. And we had to scale slowly, right? We had to build enough proof in the business so that we could attract the capital we need to fund all of these plans for people. It was really important for me that we're not just providing software, that we're actually providing the capital. So it took some time to build up the credibility for that. And now with that capital in hand, our next couple years are really about making it available everywhere. So one of my— one of the things that, you know, bothers me is I meet people, I talk about this, and they're like, Great. I want to sign up for a Snout plan. You can't because you have to find one of our vets. So now the game is about, becoming available in every city so that when people say, I want a Snout plan, they can get one.
Gemma Allen
>> So it's all about scale. Well, I have to say, Emily, I interview a lot of tech founders, and some of my favorite interviews are when I'm thinking as I'm talking to them, why did no one think of this already? And that is certainly the case here. So I'm sure you guys have great commercial success ahead. Wish you all the best. Thanks for joining us on NYSE Wired.
Emily Dong
>> Thank you so much.
Gemma Allen
>> I'm Gemma Allen here at theCUBE Studio at the New York Stock Exchange. This is NYSE Wired's Mixture of Experts. Thanks for watching.
>> Palo Alto Studio connecting, Silicon Valley and Wall Street. I'm John Furrier, co-host of theCUBE here with James O'Loughlin, my co-host. Welcome to theCUBE studio here at the New York Stock Exchange. I'm Gemma Allen, co-host of NYSE Wired's Mixture of Experts. And today we are talking about pet care, a $150 billion-plus industry. But when your dog or cat needs care, the bill can still feel like a huge financial burden. Emily Dong is taking a different approach. Instead of waiting until something goes wrong, she's building a way for pet owners to pay for care before the crisis hits. She's a repeat founder, and with her new company Snout, she's putting fintech into the veterinary clinic. Emily, welcome to the show.
Emily Dong
>> Thank you for having me.
Gemma Allen
>> So first of all, this is quite a feel-good product, right? I have to start by saying this. I read about this and I was like, oh, I love this. Oh, this idea of preventative care for your most beloved creatures. Yeah. But maybe help me understand a little bit about this company, the origin, the mission, and I guess really where you are at in building towards this journey.
Emily Dong
>> Yeah, absolutely. so I started my first company Pawprint 10, 11 years ago, and when we got into the space, we noticed this huge problem, which is that people often struggle with the bill. You have that moment where the bill comes and you have to pay it or your pet doesn't get the care, and it's a fully cash-based industry, right? So a lot of people are really shocked by that. Myself included. I got my dog when I was in college, and a lot of people I know are like, oh, the vets are ripping us off, they're charging so much. And we're seeing prices continue to rise, right? And so as I got into the industry and I got to know vets personally, I realized that most of them— I mean, I hesitate to say this, but they're terrible business people. They're not trying to raise prices. They're bleeding hearts. They want to help animals, right? And so I felt this huge disconnect around the ability to pay for care. And the insurance companies came out and they say this is the solution. And in the human health industry, that's true. But now, 10 years later, insurance is still only used by 4% of pet owners. So it's very clearly not the solution that people are looking for. So once I got into it, I realized there's this whole segment of care that nobody is providing financing for, and that's all the stuff that happens before pets get sick.
Gemma Allen
>> I mean, you're so right. I think that a lot of people become vets because it's a vocation, right? Like they're animal lovers. They're not necessarily Machiavellian capitalists. Like, yes. Yeah. Especially in my experience. But let's turn to insurance for a second, because obviously it's a very interesting part of this overall conundrum. 4%. It surprises me and it doesn't. I have a lot of friends in Brooklyn, New York, who have very cute animals and they're like, insanely cute, . Mini poodles that look like their clothing is worth more than mine.
Emily Dong
>> They wear some fancy stuff now.
Gemma Allen
>> Burberry booties.
Emily Dong
>> Yeah.
Gemma Allen
>> And they're still not insured. Why is that though? what is happening in that space that makes it so less mainstream than it should be?
Emily Dong
>> Well, so insurance doesn't work the way people expect. And I think the first thing to understand, strangely, is that pets are still legally considered property. So pet insurance is property insurance. Right? So it's more like car insurance than it is like your health insurance.
Gemma Allen
>> Mm-hmm.
Emily Dong
>> Meaning it's only covering if something goes wrong.
Gemma Allen
>> Okay.
Emily Dong
>> So if your pet gets in a dog fight, they get hit by a car, they get cancer, insurance will cover those things. And so you have a small segment of the population that are experiencing these catastrophic events, and for them, they're like, insurance is my savior. But for everybody else, the experience is I buy insurance. I'm now paying $50 to $200 a month for my pet. And when I go to the vet, I expect, like when I go to my doctor, that insurance is going to foot the bill. And then they find out, no, it doesn't cover vaccines, it doesn't cover exams, it doesn't cover anything that you would consider regular care. And now that care is $800 to $2,000 a year. So you go in and you're now being billed $800 on the spot for your healthy pet. And so a lot of people decline care, and that's one of the big stats in the industry is a majority of people are declining care every year. Even after they've actually made it into the vet office, they're saying, I don't need the blood work, I don't need the heartworm prevention. They find the things to skip and they're negotiating with the vet, which is something you could— I could never imagine doing that with a doctor, right? You just trust their opinion.
Gemma Allen
>> Of course.
Emily Dong
>> Yeah.
Gemma Allen
>> And people spend so much on grooming. Treats, right for their animals, often especially dogs. I've never actually thought about holistic medicine and preventative care on that side of it. Yeah, talk me through the economics of this from your perspective though. So what you were essentially offering is a fixed fee, working directly— it's B2B. Yeah, your company directly to veterinary clinics, or B2B2B, I guess, in the form of insurance. Yeah, B2B2B, B2B2C.
Emily Dong
>> Are you working B2B2C? So we work with the veterinarians We sell to them and we create the software platform so they can essentially turn their services into a membership. Okay. Right. And that gives their pet owners, their clients, the ability to pay on a monthly basis rather than looking at that $600, $800 bill on day one. They say, okay, membership starts at $60, $70, and for that it will cover your visit today plus any additional visits you might have for the year. If you have a puppy, they're gonna come in a couple more times for boosters. If you have a senior pet, their packages typically have more blood work and diagnostics so that they can catch things sooner. So it gives people that peace of mind.
Gemma Allen
>> And there's tiers, like is there, kind of a starter option and I guess you can add additional services on, give me a sense of the cost per month.
Emily Dong
>> their average spend per pet is around $60 per month.
Gemma Allen
>> Okay.
Emily Dong
>> And it varies a lot, right? We do separate things out like flea medication and dental care. Those things can be a lot more expensive.
Gemma Allen
>> I heard that about dogs actually.
Emily Dong
>> Yes.
Gemma Allen
>> Yeah.
Emily Dong
>> Yeah. Dental cleanings, people are like, oh, it's so expensive. It's $1,000. I'm like, oh, you found a really cheap one actually. That's really affordable dental care. So some of those things we separate out, but the regular plans, there's no real bronze, silver, gold concept. I think about what we're doing as almost like affordable healthcare, right? These are the basics that every pet should have. And so we don't have anything in there that you should be skipping. Like everything we put in there is very intentional. And the best example I have of that is blood work. So 1 in 5 times they catch something in the blood work. And so people skipping blood work, they're like, yeah, I don't wanna spend the $200. But think about 1 in 5 are then having to spend thousands of dollars on the other end of that if you don't catch it early.
Gemma Allen
>> So talk to me about the other options for this model, because you mentioned B2B2C, but what has the relationship and the response been like from pet insurers? It seems as though there's definitely a level of commercial advantage to them in this too. Are they part of the longer-term strategy here?
Emily Dong
>> Yeah, we keep in touch with all the pet insurance companies and we view them as, as friends and collaborators in the future. So they're covering all the catastrophic care when something bad happens, and we don't cover that. We cover the basics. And so really, when people think about health insurance and what they want for their pet, they're thinking about the combination of insurance and wellness care. So eventually we want to form those partnerships. And insurance companies already have lots of stats on pets who are on wellness plans are filing 10 to 30% less in claims. So it's great for them. And our goal ultimately is to create new products so that we can pass those savings on to pet owners and make vet care more affordable.
Gemma Allen
>> Wow. Okay. So Emily, talk me through the numbers. You've raised a certain amount of money to date. Maybe help me understand, though. Obviously, there's a strong investment thesis here. Give me— help me understand. Bring it to life for me a little bit.
Emily Dong
>> Yeah, we've raised about $20 million in equity. We've raised $100 million in debt. And so, people look at that big flashy number, $100 million. All of that money is going to paying for the vet care, right? What we're doing is we're giving the ability for people to pay over time without having to finance it, without having to do credit checks. You know, pet care has become what I view as a need-based service. And that's a really interesting transition, right? Like it used to be a nice to have. And now as people view their pets more as family, the healthcare for that family member doesn't feel optional anymore. Right. And so to say that you can only get the service if you have good credit feels wrong to me. And that's the thing that I'm really passionate about is finding a way to make the capital work for us instead of against us.
Gemma Allen
>> What does the product actually look like here? I guess, is it like some sort of dashboard? Like, how do these consumers engage with the vets, what is that, I guess, user experience like, right? Can you ask it questions, for example? Does it recommend particular needs to you based on your animal? You know, like, yeah, how is that side of it, totally, progressing?
Emily Dong
>> We still rely on the vets to do all the medicine, so we're not answering questions. The vet is the respected expert, you know. We're not providing medical care, we're the financers. So it's kind of like insurance. So you can log in, you can see what services you have remaining, what services you've used. Well, that plan is built by your veterinarian and what they recommend you do each year, how often you should be coming in, what services you should be getting. But yeah, for the most part, it's kind of behind the scenes, you know?
Gemma Allen
>> Okay.
Emily Dong
>> You go to the vet and where you used to have this experience of looking at a huge bill, signing an estimate, figuring out how many cards you want to split it across. If you're a Snout member, now you go, the vet checks that you have an active plan and you can just walk out the door and we'll pay for it.
Gemma Allen
>> Talk about the go-to-market for something like this, right?
Emily Dong
>> Yeah.
Gemma Allen
>> I mean, again, it's an interesting space, veterinary holistically. Mm-hmm. How do you market this platform, this service to vets all across the US? Talk me through what that has been like. I don't know where vets go for information or for innovative ideas around how they can run their businesses better. But help me understand.
Emily Dong
>> Yeah, vets are a very relational industry. Everybody I've met in the pet space has been there for decades. Like it's truly an industry where people are so passionate about what they do. So a lot of it is word of mouth and referrals of hearing from other vets. And, you know, especially since the announcement We've gotten a lot of inbound interest from veterinarians, and once we got into a few, like the first 10 or 20 vets, we had to go actively pitch. I'm cold emailing vets. I'm like, listen, I think this is the problem. I want to hear your perspective on that. And thereafter it just started picking up on its own.
Gemma Allen
>> Wow.
Emily Dong
>> Yeah.
Gemma Allen
>> Interesting space, Emily, for sure. So yeah, talk about the company, what's ahead, you know, where you guys are at from the perspective of You're out of stealth. What does the next 12 months look like for you and the team at Snout?
Emily Dong
>> Yeah, at this point it's all about growth and availability. The first couple years we were proving out the business model. We were learning how to price these plans, how to work with veterinarians, how to help them message this to their clients. And we had to scale slowly, right? We had to build enough proof in the business so that we could attract the capital we need to fund all of these plans for people. It was really important for me that we're not just providing software, that we're actually providing the capital. So it took some time to build up the credibility for that. And now with that capital in hand, our next couple years are really about making it available everywhere. So one of my— one of the things that, you know, bothers me is I meet people, I talk about this, and they're like, Great. I want to sign up for a Snout plan. You can't because you have to find one of our vets. So now the game is about, becoming available in every city so that when people say, I want a Snout plan, they can get one.
Gemma Allen
>> So it's all about scale. Well, I have to say, Emily, I interview a lot of tech founders, and some of my favorite interviews are when I'm thinking as I'm talking to them, why did no one think of this already? And that is certainly the case here. So I'm sure you guys have great commercial success ahead. Wish you all the best. Thanks for joining us on NYSE Wired.
Emily Dong
>> Thank you so much.
Gemma Allen
>> I'm Gemma Allen here at theCUBE Studio at the New York Stock Exchange. This is NYSE Wired's Mixture of Experts. Thanks for watching.
Gemma Allen
Emily Dong