Tinybeans Enters Pet Parenting Market

Rhea-AI Summary

Tinybeans Group Limited (OTCQX:TNYYF) has announced its entry into the rapidly expanding Pet Care industry, responding to high demand from families. This move increases the company's total addressable market to US$200 billion. Following successful beta testing, the new pet family features will launch in early May, enhancing user engagement. Tinybeans has secured a US$500k+ agreement with Hill's Pet Nutrition, expecting to recognize revenues primarily in fiscal Q4 2021 and fiscal Q1 2022. CEO Eddie Geller emphasized the platform's aim to cater to both existing and new users.

Positive

• Entry into the high-growth Pet Care industry expands market reach to US$200 billion.
• Successful beta testing of new pet family features is set for launch in early May.
• Secured a US$500k+ partnership with Hill's Pet Nutrition, with revenue expected in fiscal Q4 2021 - fiscal Q1 2022.

Negative

• None.

NEW YORK, NY / ACCESSWIRE / April 28, 2021 / Tinybeans Group Limited (ASX:TNY) (OTCQX:TNYYF) ("Tinybeans" or "the Company"), the technology platform that connects parents with the most trusted tools and resources for their children, is pleased to announce the launch of "Pets." This complementary addition enables the Company's entry into the high growth Pet Care industry and raises the total addressable market to US$200 billion.

Highlights:

• Entry to the high-growth Pet Care industry in response to overwhelming demand from Tinybeans' families and brand partners.

• Pet adoptions have surged by 11M U.S. households since the pandemic⁴, driven by tech-inclined millennials who spare no expense on their pets and view them as family members.

• Parents can use Tinybeans to capture their pets' memories, creating deeper engagement with the platform for both existing families and new pet-only families - also extends user engagement and lifetime value of the customer.

• After successful beta testing earlier this year, the new pet family features will be launched in early May, enabling parents to engage with their entire family of children and pets.

• New US$500k+ agreement over an initial six-month period with its inaugural pets launch partner, Hill's Pet Nutrition, Inc. (a subsidiary of Colgate-Palmolive).

• The Company expects to recognize most of this revenue in fiscal Q4 2021 - fiscal Q1 2022. The partnership includes sponsorship of the add-a-pet feature set, along with other media elements including a microsite and advertising.

Tinybeans' CEO, Eddie Geller, said:

"We're excited to broaden our platform to include the pets of our existing families and to welcome new pet-only families. This new feature not only services our existing users with a richer experience that caters to their entire family, but also broadens the user acquisition funnel to millions of pet parents who treat their pets like children.

Parents are hungry for the best information out there for their entire family. Expanding our memory and content offerings to pets creates additional reasons to engage while driving total lifetime value.

This platform release enhances and strengthens our position as the preeminent experience for parents and families everywhere, now inclusive of pets."

In addition to adding value to Tinybeans families, the Company expects these new features to increase user engagement and extend its value proposition for brand partnerships in the pets category.

The announcement was approved for release by the CEO.

For more information, please contact:

Australian Investors Michael Brown - Pegasus Advisory +61 400 248 080 mbrown@pegasusadvisory.com.au

U.S. Investors Jackie Keshner - Gateway IR +1 949 574 3860 TNY@gatewayir.com

Tinybeans Group Limited (ASX:TNY, OTCQX:TNYYF) is a leading app and web platform enabling parents to capture their children's everyday memories and share them privately with families everywhere. The platform provides rich recommendations that spark everyday family inspiration for what to do, what to buy, and which services to use for their children's needs. Being Apple's App of the Day in the U.S. in October 2019, and again in March 2020, puts Tinybeans in the elite company of best apps in the world!

Tinybeans' Red Tricycle website is also Apple's exclusive parenting partner for Apple's newest Maps feature-Guides. With 80 Guides (and counting!), all guides are available here.

Tinybeans serves a deeply engaged user base in over 100 countries/territories and enjoys over 120,000 5-star reviews in the Apple App Store and the Google Play stores.

www.tinybeans.com

SOURCE: Tinybeans Group Ltd

View source version on accesswire.com:
https://www.accesswire.com/642806/Tinybeans-Enters-Pet-Parenting-Market

FAQ

What is Tinybeans Group Limited's new initiative announced on April 28, 2021?

Tinybeans announced its entry into the Pet Care industry, expanding its platform to include features for pet families.

What is the expected revenue from the partnership with Hill's Pet Nutrition?

Tinybeans expects to recognize most of the US$500k+ revenue from the partnership in fiscal Q4 2021 and fiscal Q1 2022.

Why is Tinybeans entering the Pet Care market?

The entry is in response to overwhelming demand from existing families and brand partners for pet-related services.

When will Tinybeans launch its new pet family features?

The new pet family features are scheduled to launch in early May 2021.

How does Tinybeans plan to engage pet families?

Tinybeans aims to enhance user engagement by allowing parents to capture their pets' memories alongside their children's.