FirstVet, the company that provides pet-owners with on-demand video consultations from local, qualified veterinarians, has raised around €29.5 million to support its launch in the US.
The financing round was led by Mubadala Investment Company’s financial investment arm, Mubadala Capital, with participation from Cathay Innovation alongside existing backers, OMERS Ventures and Creandum. FirstVet has raised a total of around €55 million since being founded in 2016.
FirstVet is now launching its state-of-the-art video-based vet consultation service in the US – where it already has an operational team of 14 staff members – enabling pet owners in all 50 states to receive 24/7 expert vet advice and diagnoses for a variety of different animals, ranging from cats and dogs to horses and reptiles, all from their mobile devices.
The adoption of tele-medicine services has sped up during the COVID-19 pandemic. FirstVet, with its strong foundations and market leadership position in the Nordics, has been well-positioned to ride the tailwinds. The company recorded 150% year-on-year growth in July 2020 compared to July 2019.
FirstVet is already firmly established within six key markets, including the Nordics, Germany, and the United Kingdom, and through its partnerships with over 40 insurance companies across Europe, the platform is currently available to over 7 million pets.
“We’re proud to work with strong international investors that share our mission to further improve the lives of pets and vets worldwide. Telemedicine is rapidly growing globally and FirstVet is already the global leader in the telemedicine veterinary space. Through our new partnerships with Mubadala Capital and Cathay Innovation we’re getting access to experience and networks that will allow us to reach more pet owners on a whole new scale,” explained David Prien, FirstVet’s CEO and co-founder.
“FirstVet has built Europe’s leading tele-health platform for the veterinary industry. With stellar feedback from vets, pet owners and insurers, and over 100% year-on-year growth since launch, FirstVet delivers a win-win-win for all stakeholders. At Mubadala, we partner with companies that are disrupting inefficient markets using technology and support them with our global scale and resources. We look forward to working with David Prien, Per Victor and the FirstVet team as they set their sights on further international expansion,” commented Ibrahim Ajami, Head of Ventures at Mubadala.
“The digitalisation of healthcare is among Cathay Innovation’s core investment themes and the pandemic has reinforced our conviction and focus on this theme. Despite the increasing number of pets and related expenditure worldwide, pet telemedicine is still a nascent industry. FirstVet is its most promising pioneer and has the potential to become the global leader. We strongly believe in FirstVet’s mission to make pet care more convenient and affordable, and are impressed with their model that adds value to all stakeholders: pet parents, vets and insurance companies. We look forward to leveraging our global platform to support David Prien and Per Victor as they bring their service to more countries worldwide,” commented Jacky Abitbol, Partner at Cathay Innovation.
“We’re very excited by the opportunities in the US, with 184 million cats and dogs and an increasing need for qualified care among pet parents. However, we will not stop there, and next year will launch in Canada and France and strengthen our team in all markets. We will continue to challenge the old truths regarding pet health, and disrupt models that have been inefficient and non-transparent for years,” added David Prien.