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It’s a busy day, health tech readers!
💰 Situation Awareness: A third of adults who responded to a recent survey from the Mental Health website said they had to cancel a therapy session because they couldn’t afford it, and nearly half said they had to cancel if they were out of work. Out-of-pocket costs rise, per WSJ.
Petfolk, you’re looking to deliver. New Veterinary Medicine Seed Raises $40 Million in Series A Round Led by White Star Capital and Freshly Founder Michael Weistrach Sarah writes..
Why is it important? With more startups showing interest in pet parents, VCs are increasingly looking for their piece in an industry dominated by large conglomerates and private equity investors — who have had great success in the sector.
Present: Charlotte, North Carolina-based PetFolk, formerly known as One Vet, boasts a tech-enabled approach that enables personalized care plans and makes it easy to access health records and care teams through mobile hubs.
- It operates in North Carolina, South Carolina, Georgia and Florida, and will soon launch a 24/7 virtual care service.
- Petfolk prioritizes the consumer (and pet) experience, promising a “soothing aroma” in a “stress-free” environment to keep animals relaxed.
Yes and: Like many human health specialties, animal health continues to experience a significant labor shortage.
- Petfolk says it offers the vet flexible hours to prevent burnout.
- He also eliminated non-competes.
Details: Petfolk’s leading investors include Miranda Lambert, Dierk Bentley, Midland’s Mark Wistrach and Cameron Doody, Jimmy Johnson, Eric Jones and Danica Patrick, who have joined Triple Point Capital.
- Consumer industry leaders also participated, including Outer Voices founder Ty Haney, FIGS Scrubs founders Trina Spar and Heather Hassan, and many others.
- Petfolk It was co-founded in 2020 by siblings Audrey and Michael Weistrach, the latter of whom sold his former company Freshly to Nestlé for $1.5 billion.
Game Mode: Early-stage investors are increasingly capitalizing on new animal technology models that focus on usability, affordability or virtual access.
- Vets, an indoor pet technology company, raised $40 million in funding led by Target Global in January.
- Warburg Pincus in October invested $170 million in Bond Vet, a tech-enabled urgent care startup not unlike CTMD for pets.
- Smart Animals, a Los Angeles startup based on the convenience and affordability pet parents demand, has raised $75.5 million in July 2021.
- Small Door Veterinary, a New York-based membership model, has raised $20 million in Series A funding led by Toba Capital in June 2021.
Fact Check: The growing livestock industry is still dominated by private equity.
- Those with the right balance are large, established conglomerates such as TSG Consumer Partners Pathway Vet Alliance, JAB Investors’ NVA and others.
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