Private investment firm L Catterton has strategically invested $40 million (€36.7M) in Sploot Veterinary Care, a Denver-based vet care platform.
The capital injection is expected to help Sploot achieve its long-term growth and strategic objectives, including broadening its network of veterinary clinics.
A Sploot spokesperson explained to GlobalPETS that the investment will also enhance innovation and develop tech and infrastructure to improve customer experience. “L Catterton’s expertise in nurturing consumer brands will be invaluable, particularly in strategic planning, market analysis and customer engagement,” they say.
L Catterton sees “exciting” opportunities ahead for the company’s footprint and will help the firm enhance its digital solutions.
The investment firm’s capital injection in Sploot follows its recent investments in other pet industry players, such as Withmal, a Japanese veterinary services group, and Drools, an Indian pet food manufacturer.
Market diversification in 2024
Sploot currently operates 7 clinics across Denver and Chicago, with another location expected to open this month. Gil Bolotin, the Co-Founder and Co-CEO of Sploot, explains that the company’s expansion to new locations underscores their mission to make veterinary services more accessible.
In 2024, Sploot will strategize ways to further enhance its capabilities and innovations and leverage the latest veterinary technology and practices for premium pet care.
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