Toronto-based pet tech startup company, Vetster, has recently revealed that it has secured a large amount of investment as part of what it described as an oversubscribed Series B round. The company has operations across the United States and the United Kingdom as well as across Canada, and investment has been secured through Kensington Capital Partners, as well as existing investors Whitecap Venture Partners and Brightspark Ventures.
In addition to this, a further $5 million in investment has come from PetMed Express, which brings the total amount of investment secured to the equivalent of $30 million. PetMed has not only invested millions but has also forged a partnership with Vetster that will see both companies benefit and could help with the expansion plans that Vetster has in place.
As a result of the collaboration, Vetster will gain access to two million PetMed customers and tens of thousands of vets who also used PetMed. There are also benefits for PetMed, the company will be able to provide its users with access to telehealth visits.
A Growing Pet Tech Venture
The CEO of Vetster, Mark Bordo, has confirmed that the company has expansion plans in place, and he said that the investment that has come in coupled with the partnership with PetMed will help with these plans. This means that services could soon be enhanced, which is something that will benefit both the company and pet owners.
Having only launched in November 2020, amid the height of the global pandemic, the pet tech startup has already come a very long way. When the platform was launched, many people were unable or unwilling to leave their homes to seek veterinary advice for pets in person because of the pandemic. However, this platform enabled pet owners to connect with pet healthcare professionals using video, text, or audio.
Platforms such as this became a very popular solution among pet owners during that difficult time, and the popularity of the platform has continued to grow despite the pandemic having eased. There has already been significant growth in the number of people using these services, not least because of the number of people that have taken on new pets.
According to the results of a survey, around one-third of pet owners in Canada have welcomed a new pet to their homes since the outbreak of the pandemic in March 2020. This means that in that period of time, around three million pets have been adopted. This has been mirrored in other countries such as the UK and the USA, where many people took on new pets during the pandemic.
The increase in pet ownership means that easily accessible healthcare for pets has become increasingly important. Services such as telehealth platforms have become an invaluable tool for many pet owners, and the ability to expand the company means that Vetster will be able to cater to even more pet owners in the future.