Series C Funding, led by TELUS Global
Ventures, to accelerate FirstVet's growth and product development
outside of Europe.
STOCKHOLM and VANCOUVER, BC, June 24,
2024 /CNW/ - FirstVet (firstvet.com), the global
leader in online pet health services, today announced the
successful close of a €20M Series C funding round. The round was
led by TELUS Global Ventures, the strategic investment arm of
global technology company TELUS. This funding will support
FirstVet's expansion, while accelerating product development to
explore new types of partnerships. The round is supported by
existing investors including OMERS Ventures, Mubadala Capital and
Cathay Innovation.
![FirstVet (CNW Group/TELUS Global Ventures) FirstVet (CNW Group/TELUS Global Ventures)](https://mma.prnewswire.com/media/2445111/TELUS_Global_Ventures_FirstVet__the_Global_Leader_in_Pet_Telehea.jpg)
Founded in Stockholm in 2016,
FirstVet improves the efficiency of vet care by being the initial
point of contact for pet owners. With partnerships spanning over 60
major insurance companies globally, including Nationwide in the US,
FirstVet offers its services at no additional cost to over 5
million insured pets. The platform currently supports 400
veterinarians and nurses. Veterinarians appreciate virtual vet care
as it represents a flexible and effective working role, providing
relief in a field often marked by staff shortages and other
challenges.
With more pet parents than ever looking for trusted vet
services, and adoption of pet insurance in the U.S. on the rise,
remote care and telehealth is growing quickly. According to the
2023-2024 APPA National Pet Owners Survey, 66% of U.S. households
own a pet and are projected to spend $39.1
billion on vet care and product sales in 2024.
"FirstVet is the only company offering pet telehealth on a
global scale, and TELUS Global Ventures is an ideal partner for our
next phase of growth," said David
Prien, CEO and co-founder of FirstVet. "As digital vet
services rise in popularity, driven by rapidly changing
regulations, we are excited to bring our proven and successful
platform from Europe to
North America, where the market is
booming and ready for us. We have already established ourselves as
the essential telehealth partner to European pet insurers. With
support from TELUS Global Ventures, we aim to scale our services in
North America, extending our reach
through new types of partnerships. Our US business has grown
significantly, and with TELUS Global Ventures, we are poised to
accelerate this progress".
"As a global leader in identifying and supporting innovative
companies, we are pleased to increase our investment in FirstVet, a
leading pet telehealth business providing a comprehensive digital
care journey for pet parents searching for the best care for their
pets," noted Terry Doyle, Managing
Partner, TELUS Global Ventures.
About FirstVet
FirstVet is the pioneering digital vet clinic offering instant
veterinary support through video calls, providing peace of mind for
pet parents globally. Established in Stockholm in 2016, FirstVet has expanded
across the Nordics, U.S., U.K., and Germany. With a team of 100 staff and 400
veterinarians available 24/7, 365 days a year, FirstVet is a global
trailblazer in digital pet healthcare. FirstVet's app connects pet
parents to registered veterinarians for expert advice and clinic
referrals. In select markets, FirstVet's comprehensive approach
includes pet shops and pharmacies, allowing pet parents to access
and purchase recommended products and medications vetted by vets.
Backers to date include Creandum, OMERS Ventures, Mubadala Capital,
Cathay Innovation and TELUS Global Ventures.
About TELUS Global
Ventures
At TELUS Global Ventures we leverage deep insights from our
global businesses to provide our investment partners with
opportunities for tangible growth and traction. To date, TELUS
Global Ventures has funded more than 150 companies that are poised
for significant growth and market transformation, spanning across
10 countries and five continents.
Media Contacts:
Rebecca
Crusoe
Chief Marketing Officer, FirstVet
rebecca@firstvet.com
François Marchand
TELUS Media Relations
francois.marchand@telus.com
SOURCE TELUS Global Ventures