CPE News (4.19.2022) – Vetster, Inc. has raised US $30 million in Series B funding led by Kensington Private Equity Fund, an open-ended private equity fund managed by Kensington Capital Partners, along with existing investors Whitecap Venture Partners and Brightspark Ventures.
PetMed Express, Inc. (NASDAQ: PETS), a leading online pet pharmacy known as PetMeds, joined as an investor and strategic partner. PetMeds becomes the exclusive e-commerce provider of pet medications for Vetster, and Vetster becomes the exclusive provider of telehealth and telemedicine services to PetMeds customers.
PetMeds has the opportunity to receive additional shares through the exercise of warrants for an increased minority equity stake in Vetster, with such warrants being tied to future performance milestones. CapM acted as financial advisor to PetMeds in the transaction.
The new round brings Vetster’s total investment to US $40 million since its launch in November 2020.
In May 2021, Vetster announced the closing of a CDN $12.25 million Series A round of financing led by Whitecap Venture Partners with participation of Brightspark Ventures, Hedgewood and private investors including Wealthsimple’s Michael Katchen and Leen Li, Robert Halpern, and Jeff Fettes.
Founded by Mark Bordo and Regan Johnson, Vetster is a virtual veterinary and pet care marketplace. Vetster makes it easy for pet owners to find, book and pay for veterinary services via its online marketplace at vetster.com. Appointments are booked by the pet owner at a time convenient to them and their pet, without the stress of transporting their animal.
photo credit: Vetster
News Release
Vetster Takes Pet Telehealth Mainstream With $30M USD Series B
Kensington Capital Partners leads round with PetMeds joining as investor and strategic partner
April 19, 2022 08:10 AM Eastern Daylight Time
TORONTO–(BUSINESS WIRE)–Vetster, the world’s fastest growing pet care marketplace, today announced it has raised a total of $30M USD in its oversubscribed Series B round. The investment is led by Kensington Capital Partners, along with new investor X & Y and existing investors Whitecap Venture Partners and Brightspark Ventures. PetMed Express, Inc. (NASDAQ: PETS), a leading online pet pharmacy known as PetMeds, joins the round as an investor and strategic partner to bring Vetster’s pet care marketplace and telehealth services to millions of pet parents across the United States. The round brings Vetster’s total investment to $40M USD since its launch in November 2020.
“Vetster has established trust with pet owners and veterinarians alike, by offering choice, flexibility and a seamless mobile experience that fundamentally transforms pet care,” said Mark Bordo, CEO and CoFounder, Vetster. “This round and our game-changing partnership with PetMeds, will allow us to empower more pet parents and veterinary professionals by vastly expanding availability and access to Vetster.com across North America and around the world.”
“Vetster’s growth trajectory has developed rapidly, and we are proud to help fuel their vision to become the global leader in virtual-first data-driven pet care,” said Win Bear, Managing Director, Kensington Capital Partners. “The seasoned team, scalable marketplace, seamless virtual appointment experience, and improved pet outcomes will unlock massive growth while stewarding best-practices for the $100B pet care industry.”
“Our investment and exclusive partnership with Vetster brings together pet telehealth and pharmacy solutions in a seamless digital experience, unprecedented in the industry,” said Matt Hulett, CEO and President, PetMed Express. “Together, we will set the standard of virtual care and pharmaceutical fulfillment services for millions of pet owners and their veterinary professionals.”
Differentiated from other telehealth services, Vetster gives pet owners choice. Customers select pet care services based on their pet species, medical needs, budget and schedule. At the same time, Vetster provides veterinary professionals with a path to participate in and benefit from the telehealth movement while generating income, retaining customers, and attracting new clients while providing high-quality care.
Vetster For Pet Owners
Vetster makes it easy for pet owners to find, book and pay for veterinary services via its online marketplace at vetster.com. Appointments are booked by the pet owner at a time convenient to them and their pet, without the stress of transporting their animal.
Around the Clock Care: With thousands of veterinarians on the platform, pet owners can find care at any time needed including access to urgent care veterinarians to assess pet needs prior to going to an Urgent Care Hospital.
Wallet Friendly: With appointments for as low as $50, pet parents can access high quality veterinary care for their animals.
On the Go Convenience: The Vetster mobile app for iOS and Android offers high quality voice and audio making it easy for pet owners to speak to a vet anywhere, anytime.
VetsterRx: Where available, pet owners can purchase their prescription in-app and have it delivered directly to their home.
Vetster For Veterinarians
Veterinary professionals wanting to expand their practice with virtual care services are able to set up their profile quickly. Connecting to new and existing patients with a powerful platform that manages the entire experience from booking to billing.
Expand Practice: Generate new streams of revenue at times that work for your clinic and schedule.
Support Patients Remotely: Provide expert care to pets and their owners without the need to visit the clinic.
Easy Set Up: Online profiles are free to set up. Profiles take only a few minutes to set up with description of services, website, photos, appointment fees and schedule.
Automated Billing: Veterinarians receive weekly payments for appointments completed.
About Kensington Capital Partners
Kensington is a leading independent Canadian investor in alternative assets. Founded in 1996, and with offices in Toronto, Vancouver and Calgary, Kensington has invested more than $1.5 billion to date in private equity, venture capital, and other alternatives. Kensington’s active management approach and relationship-based business has generated top quartile returns for investors. For more information, visit www.kcpl.ca.
About Vetster
Vetster is a veterinary telemedicine marketplace connecting veterinary professionals with pet parents over video, text or audio chat. From the comfort of home, pet parents can access quality virtual care in a matter of minutes, and veterinary professionals can set their own rate and schedule themselves according to personal preferences. Create a free account today at https://vetster.com.
Contacts
Ana Tackett
480.859.0899
anatackett@sppublicrelations.com