Airvet closes $18.2 million funding round

Airvet has announced the closing of its Series B funding round worth $18.2 million (€16.5M) and led by Mountain Group Partners (MGP).

The company will use the funding to support the continued expansion of its partnerships, product development and to build out the company’s sales and marketing teams.

Byron Smith, Managing Director at MGP will join the firm’s board of directors after the deal. 

Growing vet demand 

Currently, Airvet’s pet care app has assisted more than 250,000 pet parents, and the platform has around 3,000 veterinary professionals. 

A 2022 study by Mars Veterinary Health predicts a shortage of 15,000 vets by 2030, despite the projected number of veterinary professionals expected to graduate over the next 10 years.

“Around 41,000 additional veterinarians will be needed to meet the needs of companion animal healthcare by 2030,” the report warns.

Telehealth opportunities

Pet telehealth is a growing market. According to Mordor Intelligence, North America is the largest market for veterinary telehealth and is expected to grow significantly over the next 5 years. 

According to the report, Airvet is among the key players in the market, along with VitusVet and FirstVet.

The market intelligence firm further states that the fastest-growing veterinary telehealth market is the Asia-Pacific region.