Interview with Nicolo Frisiani, Co-Founder and CEO of Lupa Pets
Welcome to the latest series of our Founder Spotlight editions. In this edition, we are delighted to introduce Nicolo Frisiani, the CEO, and Founder of Lupa Pets – the AI-powered pet care provider. In this interview, Nicolo shares the challenges and innovations that have driven Lupa Pets’ success. We are thrilled to share with you the exciting journey of Lupa Pets.
What inspired you to start Lupa, and how did the idea for the company come about?
It was actually a series of random coincidences. My former boss at BCG had left to go work for a pet insurer that we used to serve. That’s when I first got exposed to the pet world. The more I looked into the pet space the more I realized how far behind the tech was and how complicated the life of pet professionals was because of that. With my friends (now co-founders) we then started playing around and developing an app that could help streamline a bit the interaction between pet parents and businesses.
Our project picked up more interest than we had imagined, and so we then started interviewing loads of vets, groomers, and pet parents to figure out how we could make our solution as useful as possible. We realized vets in particular are really overwhelmed with work and no one is offering them a good solution to help optimize and automate their day-to-day challenges. So that’s what we built!
Can you share a bit about your background and how it prepared you for the challenges of entrepreneurship in the pet industry?
I studied Engineering and Computer Science. I then worked as a Strategy Consultant for a few years and as a Data Scientist for a brief 1-year period. Then I started Lupa. There are definitely a number of things that I learnt throughout my journey that helped me get ready a bit better: mostly a good understanding of tech, which I think is pretty vital if you want to lead a tech-first team, and a decent grasp of businesses fundamentals / presentation skills, which were particularly useful when laying out our business plan and preparing a pitch deck for investors.
Having said that, from the little I’ve had the chance to observe until now, I would say that very few things can really prepare you for the challenges of entrepreneurship (I would guess pretty irrespectively of the industry). The only thing you really need is to be able to enjoy stressful situations. The rest you can always learn.
What sets Lupa apart from other companies in the pet care market,and what does it aim to fill?
Tech. The vast majority of companies in this space are from the last century (some literally, others just figuratively with regards to the sophistication of their tech stack). The gap we are trying to fill is to bring veterinarians – and other pet businesses as well – into 2024, by offering them a piece of software that they cannot find anywhere else. Think streamlined automation of manual tasks, GenAI to help them boost their efficiency, smooth API integrations with the key wholesalers, lab machines, etc. All sorts of innovations that a “techy” would take for granted in modern software, but that still, for many vets, are just science fiction.
How do you prioritize innovation and stay ahead of the curve in an ever-evolving pet care industry?
Staying ahead in the pet care game is all about keeping our ears to the ground and being ready to adapt. We’re constantly talking to our users – the vets, groomers, and pet parents – to understand their needs. Plus, we’re tech nerds at heart, always exploring the latest in software and AI to see how it can make pet care easier and more efficient.It’s a mix of staying in tune with the industry and a bit of predicting where things could go next.
What is your vision for the future of Lupa?
Our big dream for Lupa? We’re going to be the go-to platform for anything pet-related. Think of a world where managing your pet care business or finding the best care for your furry friend is just a few taps away. We’re aiming to expand our reach, add more features, and just keep making pet care as hassle-free as possible.
What role does technology play in Lupa’s operations and customer experience, and how do you leverage it to enhance your services?
Tech is really the backbone of Lupa. We use it to make everything smoother and smarter, from how businesses manage their day to how customers interact with them.Our app’s packed with features that automate the boring stuff and let businesses focus on what they do best – caring for pets. And for pet parents, it’s all about making their experience as friendly and efficient as possible. We’re always tinkering to make our tech even better.
Congrats on your recent funding. Can you share your funding journey with us?
Thank you! Our funding journey turned out to be surprisingly smooth, and we feel quite grateful for that. We chose a sector that’s currently buzzing with excitement, and this worked in our favor. A significant number of investors were proactively reaching out to us, drawn by the potential they saw in our field. Of course, we still had to put in some work: refining our pitch, incorporating feedback, and demonstrating our progress. While we did encounter our share of rejections, the overall process was smoother and more straightforward than we had anticipated.
Did your funding influence your cap table development? What are your thoughts about cap table structure and maintenance?
Yes, our funding definitely influenced our cap table development. We were very strategic about it, focusing not just on the financial aspect but also on what each investor could bring to the table in terms of expertise and experience. Our approach was to assemble a diverse team of angel investors, each with unique strengths and insights that could benefit Lupa. We looked for individuals who could cover all our bases– from tech and startup development to marketing and industry-specific knowledge. By doing this, we ensured that our cap table wasn’t just a list of financial contributors but a roster of valuable partners contributing to our overall growth and success. This strategy has been crucial in ensuring that we have a well-rounded and supportive backing, providing us with more than just capital but also guidance and mentorship.
Looking back, is there anything you would have done differently in the early stages of founding Lupa, and what lessons have you learned along the way?
Reflecting on the very early days of Lupa, I think one key lesson stands out: rather than just trying to improve the existing market situation, it’s crucial to step back and reimagine the ideal state from scratch. Initially, we focused on enhancing what was already there, tweaking and fine-tuning the existing frameworks. However, we learned that true innovation requires a more radical approach. It’s about rethinking the whole system, not just making incremental changes. This mindset shift led us to not just address current issues, but to redefine what pet care management could be. The lesson was clear: don’t just fix, reinvent. It’s about seeing not just what is, but what could be,and having the courage to build that future.
Lastly, what advice would you give aspiring entrepreneurs looking to enter the pet care industry or start their own pet-focused business?
For anyone diving into the pet care industry, my top advice would be to really understand the market and the unique challenges it presents. Get to know the needs of both the pet professionals and the pet parents. Also, don’t underestimate the importance of a solid team. Surround yourself with people who share your passion and complement your skills.
