New Investment and Partnership Announced by Pet Tech Startup Vetster

New Investment and Partnership Announced by Pet Tech Startup Vetster
Photo : Jonathan Cooper via Unsplash

Over recent years, telehealth services for people seeking healthcare have become increasingly common, particularly since the outbreak of the global pandemic in March 2020. However, it is not just humans that are benefitting from telehealth services - there are also platforms available for pet healthcare, and one such platforms was launched in November 2020 but the pet tech startup Vetster.

It has now been announced by Vester officials that it has managed to raise investment to the tune of $30 million from several investors including Kensington Capital Partners, as well as existing investors Whitecap Venture Partners and Brightspark Ventures. In addition to this, the company has announced that it has forged a new partnership with PetMed Express, which has also invested $5 million as well as partnering with the growing startup company.

A Great Move for Both Companies

The huge investment has been described as an oversubscribed Series B round, and company officials said that the money will prove invaluable in terms of enabling planned expansion for the startup. In addition, the new partnership with PetMed means that both Vetster and PetMed will be able to benefit in different ways.

For Vetster, both the large investment and the new partnership mean that the company can expand more quickly and with greater ease according to the CEO of Vetster, Mark Bordo. The company has only been around for a year and a half, as it launched toward the end of 2020. However, it is in a strong position to expand, and this has been further aided by the huge investment and the new partnership.

As a result of the collaboration with PetMed, Vetster will gain access to two million PetMed customers and tens of thousands of vets who also used PetMed. In addition, PetMed will also benefit, as it means that it can offer its users access to telehealth visits through Vetster.

More Demand for Services

While telehealth for people looking for healthcare advice has been around for some time, it is over recent years that more services have emerged for pets. One of the key points that were raised recently is that huge numbers of people in Canada and other parts of the world have taken on new pets since the outbreak of the pandemic. This has resulted in increased demand for services such as this, particularly during periods of lockdown when pet owners were unable to take their pets to see the vet in person.

In fact, recent studies showed that in the two years since March 2020 when the pandemic began, one-third of pet owners in Canada had taken in a new pet. This means that during that period more than three million pets have been adopted, and the demand for services such as telehealth for pets has rocketed as a result.

While the pandemic has calmed down and restrictions lifted, many continue to rely on platforms such as these. This means that the growth of Vetster could prove to be good news for the company and for pet owners.

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