It has recently been announced by a pet tech startup company that it has secured more investment in what it described as an oversubscribed Series B round. In addition, the company, Vetster, revealed that it has developed a new partnership with PetMed Express and that it plans to get expansion plans underway as demand for telehealth services for pets continues to increase.
The company is based in Toronto, but it operates across Canada, the United States, and the United Kingdom. These are all places where pets are considered part of the household by pet owners, and many have welcomed the ability to seek pet health advice and care even during lockdown periods as a result of telehealth platforms.
As part of its service, Vetster enables pet owners to get in touch with veterinary experts using video, text, or audio. This has proven especially useful during the pandemic amid which the company launched its platform back in November 2020. The CEO of Vetster, Mark Bordo, said that the company is now ready to expand and that the new investment and the partnership with PetMed will make this expansion far easier and more viable.
Huge Investment and Promising Partnership
According to reports, the investment that the company has secured comes to the equivalent of $30 million. This has come through Kensington Capital Partners, as well as existing investors Whitecap Venture Partners and Brightspark Ventures. In addition, PetMed has invested $5 million in addition to forging a valuable partnership with Vetster that will benefit both parties.
Company officials said that Vetster will gain access to two million PetMed customers and tens of thousands of vets who also used PetMed as a result of the partnership. There are also benefits for PetMed, as the company will now be able to provide its users with access to telehealth visits. So, with both parties benefitting from the collaboration, the partnership looks set to be a promising one.
The use of online platforms has rocketed since March 2020 when the global outbreak began. With many people confined to their homes and physical locations closed down, many had to do everything from work from home to get healthcare advice online. The launch of Vetster in November 2020 meant that people were also able to get veterinary advice using online platforms, and this provided a huge relief to many pet owners.
While the global pandemic has eased and restrictions have been lifted, many continue to rely on digital platforms for a host of purposes. The continued use of telehealth for pets means that the service offered by Vetster will continue to see high demand. This means that the expansion of the company could prove highly beneficial for pet owners as well as for the company itself.
Thanks to the investment and the new partnership with PetMed, Vetster might now be able to push forward more easily with expansion plans. This means enhanced services for pet owners, who can look forward to improved services and access.