Most Australians now consider their pets to be on the same level as their spouses or children, according to a Melbourne start-up, which is launching a pet stem cell bank that it says will enable world-class healthcare for the nation’s dogs and cats.
Elita Genetics is this week emerging out of “stealth mode” – a term that refers to when start-ups keep their operations and plans under wraps – and is opening a public waitlist as it closes a $1 million funding round.
Co-founder and chief executive Paloma Newton said the pet stem cell bank would be a first for Australia, allowing pet owners to collect and store stem cells during routine desexing procedures.
Elita Genetics founders Paloma Newton, Jackson Gritching and their dog, Edgar Allan Paws.
Those cells can then be used later in life to treat conditions like osteoarthritis, joint pain and other ailments with a high success rate, she said.
Domestic pets now outnumber Australians and pet owners paid $9 billion for their healthcare in 2023. The Australian veterinary services market is projected to grow at a compound annual growth rate of 9.2 per cent from 2024 to 2030 and the cost of treatments has increased significantly.
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Newton co-founded Elita with Jackson Gritching, a product manager at an AI start-up. The pair had a desire to protect their shared dog, Edgar Allan Paws, who was strongly pre-disposed to arthritis.
“Every time we took him to the vet I would ask if there was something we could do to store his stem cells and the answer I kept getting was that there was amazing work happening overseas, but no access to that here,” she said.
“Jackson’s background is medical engineering and mine is business operations and start-ups, so we are taking on this meaty challenge of giving people access to a stem cell bank.”
Elita is launching first with pre-desexed puppies with plans to expand to kittens in 2025. Early pricing will start at about $4500, including lifetime storage. Customers can use their vet of choice, Newton said, and Elita will work with the vet to collect and store stem cells taken from small fat tissue samples.
Stem cells can then be used in treatments to help mobilise a pet’s body to effectively heal itself.
When asked why customers should trust a small start-up with their pets’ health, Newton said the most compelling innovation often comes from small, scrappy companies.
“I think a lot of the things that we all love about growth in society have come from people coming in and doing it differently,” she said.
“Taking big leaps of faith and removing the red tape of a large corporate. We can move much faster and ask questions that potentially other people don’t have the time to ask … We are purely driven to do this because of our love for our animals.”
Side Stage Ventures principal investor Elli Hanson.
Elita is in the process of raising a $1.1 million in funding from investors including Side Stage Ventures, Archangel Ventures, M8 Ventures, and Startmate.
It has raised about 70 per cent of the amount to date, via a SAFE note, which allows a company to raise money from investors in exchange for a promise of future equity.
“All 18 million Australian pet owners know that our pets are more than pals, they’re family members,” Side Stage Ventures’ principal investor Elli Hanson said.
“When it comes to spending our hard-earned consumer dollars, you’d be hard-pressed to find a more worthy cause than giving your dog or cat a longer, healthier, and happier life.”
For Newton, stem cell treatments represent the future of pet healthcare.
“What’s happened is 10 to 15 years ago it was that classic technology story where there was an overpromising and underdelivering, so everyone thought it didn’t really work,” Newton said of stem cell therapies.
“There’s a second resurgence now of people really actually understanding the benefit of stem cells. With your pet cells in this bank, you’re going to have the front-row seat to all the developments that are coming out as we speak, which is super exciting.”
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David Swan
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