FirstVet, a Stockholm-based digital vet clinic, has successfully closed a €20M Series C funding round to fuel its North America expansion and accelerate product development. The round was led by TELUS Global Ventures, with participation from existing investors OMERS Ventures, Mubadala Capital, and Cathay Innovation. Founded in Stockholm in 2016, FirstVet offers instant veterinary support through video calls, partnering with over 60 major insurance companies to provide services to more than 5 million insured pets. The new funding will enable FirstVet to scale its operations in North America, leveraging the rapidly growing demand for pet telehealth services in the region
Founded in Stockholm in 2016, FirstVet improves the efficiency of vet care by being the initial point of contact for pet owners. With partnerships spanning over 60 major insurance companies globally, including Nationwide in the US, FirstVet offers its services at no additional cost to over 5 million insured pets. The platform currently supports 400 veterinarians and nurses. Veterinarians appreciate virtual vet care as it represents a flexible and effective working role, providing relief in a field often marked by staff shortages and other challenges.
With more pet parents than ever looking for trusted vet services, and adoption of pet insurance in the U.S. on the rise, remote care and telehealth is growing quickly. According to the 2023-2024 APPA National Pet Owners Survey, 66% of U.S. households own a pet and are projected to spend $39.1 billion on vet care and product sales in 2024.
“FirstVet is the only company offering pet telehealth on a global scale, and TELUS Global Ventures is an ideal partner for our next phase of growth,” said David Prien, CEO and co-founder of FirstVet. “As digital vet services rise in popularity, driven by rapidly changing regulations, we are excited to bring our proven and successful platform from Europe to North America, where the market is booming and ready for us. We have already established ourselves as the essential telehealth partner to European pet insurers. With support from TELUS Global Ventures, we aim to scale our services in North America, extending our reach through new types of partnerships. Our US business has grown significantly, and with TELUS Global Ventures, we are poised to accelerate this progress”.
“As a global leader in identifying and supporting innovative companies, we are pleased to increase our investment in FirstVet, a leading pet telehealth business providing a comprehensive digital care journey for pet parents searching for the best care for their pets,” noted Terry Doyle, Managing Partner, TELUS Global Ventures.
Click to read more funding news.
Read the orginal article: https://arcticstartup.com/firstvet-secures-e20m-series-c/
