May 2, 2022
Vetster, a Toronto-based pet technology startup, announced that it has raised US$30M in Series B Funding to expand the reach of its technology worldwide. Goodmans acted for Vetster in the financing, which was led by Kensington Capital Partners alongside previous investors Whitecap Venture Partners and Brightspark Ventures. PetMed Express, an online pet pharmacy, also committed $5 million to Vetster, alongside a strategic partnership. This collaboration will allow Vetster access to PetMed’s 2 million customers and 70,000 veterinarians.
Launched in 2020, Vetster operates across Canada, the United States, and United Kingdom. The company uses an online platform to connect pet owners with veterinarians over video, text, or audio chat, where pet owners can select unique services based on pet species, medical needs, budget, and schedules. This allows pet owners to access around-the-clock virtual care, in the comfort of their homes.
Demand for veterinarians is at an all-time high due to the increase in pet ownership during the COVID-19 pandemic. A survey found that one-third of Canadian pet owners adopted a new pet since the beginning of the pandemic in March 2020, which represents approximately 3 million newly-adopted pets.
“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 of 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 plans on using the funding to expand its pet care marketplace and pet telehealth services.
By: Farrah Kudus