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Airvet, a pet telehealth company, has secured $18.2 million in Series B funding to expand its services to enterprise and employer clients. The funding round was led by Mountain Group Partners, with participation from Canvas Ventures, Headline, Burst Capital, and strategic investors, including VCA Animal Hospitals founder Bob Antin. This brings Airvet’s total funding to over $33 million.
The funding comes at a time when the pet care industry is experiencing a surge in demand, with an estimated growth from $118 billion in 2019 to $277 billion by 2030. However, the industry is facing a shortage of veterinarians, with an estimated need for more than 41,000 vets over the next decade.
Airvet’s Services and Growth
Founded in 2018 by CEO Brandon Werber, Airvet connects pet parents with practicing veterinarians for telehealth visits any day, any time. The company has grown significantly since its inception and has managed to attract a base of employer clients, including Adobe, Ceridian, and Rexford Industrial, who are keen to offer an employer-sponsored benefit for employees with pets.
Werber expects Airvet to reach over 50 customers in the next year and states that revenue is growing at a faster rate than before. The company plans to use the new funding to expand its partnership with enterprise and employer clients, develop its product, and build out its sales and marketing teams.
The Shift to Enterprise Focus
Airvet’s shift to a business-to-business model comes after observing market trends and the need for a path towards profitability, healthy margins, and scalable business. The company aims to build a category that is ubiquitous for all employers and enterprises who want to support pet families and provide services and resources in areas where they are struggling, particularly in terms of access and affordability of pet care.
Looking Ahead
Airvet’s latest funding round and its strategic shift towards enterprise clients mark a significant milestone for the company. As it continues to innovate in the field of pet telehealth, Airvet is setting the stage for a new era in the pet care industry, providing much-needed services to pet families and helping to address the current shortage of veterinarians.
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