Amid the pandemic-related demand for telemedicine services, this latest investment will speed
up FirstVet’s international expansion, with a focus on the United States, and consolidate its
position as the global leader in digital pet care
STOCKHOLM, SWEDEN, NOVEMBER 19, 2020 – FirstVet, the company which provides pet-owners with on-demand video consultations from local, qualified veterinarians, has raised $35M to support its launch in the United States.
The financing round, which will enable FirstVet to continue its international expansion, 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 $65M since being founded in 2016.
FirstVet is now launching its state-of-the-art video-based vet consultation service in the United States – 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 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,” comments David Prien, FirstVet 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,” comments 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,” says Jacky Abitbol, Partner at Cathay Innovation
“We’re very excited by the opportunities in the U.S., 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,” adds David Prien.
FirstVet is a mobile app service that offers video call veterinary consultations for pet owners to provide instant peace of mind about the health of their pets. FirstVet was founded in Stockholm in 2016 and has since expanded to the Nordics, the United Kingdom, and Germany, employing a team of 55 staff and 250 veterinarians. Matching the growth in, and acceptance of, video consultation for human health issues,
FirstVet is a trailblazer in bringing the benefits of digital platforms to the veterinary sector. Available on iOS and Android, FirstVet allows pet-owners to arrange video calls with registered vets who, in addition to offering advice on treatments and symptoms, can also refer them to a local vet. Video appointments can be booked in as often as necessary, with users often being able to meet with vets within 30 minutes. Each month, the FirstVet consultants improve the lives of thousands of animals from cats, dogs, rabbits, reptiles, to birds, hamsters, and horses. www.firstvet.com
About Mubadala Investment Company
Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for its shareholders. Mubadala’s US $229 billion portfolio spans five continents with interests in multiple sectors. Mubadala Capital was established in 2011 as the financial investment arm of Mubadala. The group invests across the capital structure in both public and private securities. Mubadala Capital’s venture capital team’s mission is to partner early with visionary founders to build enduring technology companies and support them by bringing to bear Mubadala’s scale, resources and capital. The team oversees strategies that focus on making investments in early stage and early growth stage companies across the US, Europe and MENA regions from its offices in San Francisco, London and Abu Dhabi.
About Cathay Innovation
Cathay Innovation is a global venture capital partnership, created in affiliation with Cathay Capital, investing in startups at the center of digital revolution across North America, Latin America, Europe, Asia and Africa. Its global platform unifies technology investment across continents, investors, entrepreneurs and leading corporations to accelerate startup growth with access to new markets, invaluable industry knowledge and introductions to potential partners from the start. As a multistage fund with over $1.5 billion assets under management and offices across San Francisco, New York, Paris, Shanghai, Beijing and Singapore, Cathay Innovation partners with visionary entrepreneurs and startups positively impacting the world through technology. To learn more, please visit www.cathayinnovation.com or follow us on Twitter @Cathayinnov.