NYC-based veterinary clinic Bond Vet announced Tuesday it received $170 million in fresh funding — a massive step up from the $17 million it raised less than a year ago. This latest investment was made entirely by Warburg Pincus, and will be used to expand the startup’s footprint nationally as well as grow its team.
Of course, Bond Vet is not the only startup in this space to have gotten investor attention lately. Digital pharmacy Mixlab and Embark Vet, a startup that makes DNA testing kits for dogs, are just a couple of the many rising stars taking techie approaches to pet wellness.
Meanwhile, Bond Vet has become well known around the city for its telehealth services, affordability and modern aesthetic. Its clinics require no membership, meaning any patient can either walk in or book an appointment online. Plus, unlike many veterinary clinics, Bond Vet provides both urgent and primary care, including surgery.
While perhaps not quite as cutting edge as doggie DNA kits or designer animal prescriptions, Bond Vet’s model has become increasingly popular over the last 18 months. The startup has treated more than 40,000 pets in the New York City area, and co-founder Dr. Mo Punjani seems to think this is just the beginning.
“The increase in pet ownership, accelerated by the rise of adoptions and need for care during the pandemic has demonstrated an enormous opportunity to improve veterinary services, especially in urgent and emergent cases for pets,” he said in a statement. “The new partnership with Warburg Pincus and the continuing support of our initial capital provider Talisman Capital, will help accelerate our growth and enable us to provide the best experience for our pets, pet parents and our veterinarians in New York and beyond.”
This appears to be Warburg Pincus’ first investment in the burgeoning pet-tech space. However, the private equity giant is known as a prolific investor across healthcare, backing several well-known tech startups including Eleanor Health and CityMD, an urgent care provider that Bond Vet has been likened to. TJ Carella, a managing director and head of healthcare at Warburg Pincus, says Bond Vet is one of the fastest growing platforms in the veterinary tech space, so it fits well in the firm’s portfolio.
“Bond Vet offers a highly differentiated value proposition, focusing equally on the experience of the pet parent, the veterinary clinician, and pets through its convenient locations, smart design, and tech enabled platform,” he said in a statement. “We look forward to leveraging our experience in multi-site healthcare to expand Bond Vet’s footprint and take advantage of the growing market and increased demand for veterinary services.”
