October: pet investments in a nutshell

October has been quite a hectic month for investments in the pet industry. Let’s take a look at the most relevant capital injections that took place in the past few weeks.

Petfolk

American veterinary care provider Petfolk officially announced the $40 million (€37.9M) it closed in Series B funding led by Movendo Capital and existing investors like White Star Capital, Idea Farm Ventures and others.

The firm told GlobalPETS that thanks to the capital injection, it expects to expand throughout the southeast, across cities like Atlanta, Dallas, Houston, Orlando and Miami.

The North Carolina-headquartered business expects to expand to 12 total locations by the end of the year, with an additional 20 in 2024. 

Petfolk recently launched its PetfolkCare membership, which offers members access to unlimited exams (clinic and virtual), on-demand 24/7 medical chat, instant access to medical records, preventative care reminders, and more.

Bond Vet

New York-based Bond Vet has closed a successful funding round totaling $50 million (€47.2M) from existing investors.

According to the company, the capital injection will “undoubtedly bolster” its mission to redefine pet health in communities across the US.

Bond Vet CEO Garrett Lewis told the news website Axios that “all of [their] clinics are profitable well within the first year of opening.”

BMSmile 

South Korean trading firm SK Networks has invested ₩ 28 billion ($20.7/€19.5M) in Seoul-based pet care start-up BMSmile, becoming its second-largest shareholder with 10% shares. 

Local media suggested that SK Networks’ investment strategizes on the Korean pet industry’s growth potential. 

BMSmile has been attested to being one of the leading brands in the Korean-pet market through its flagship bathroom lifestyle brand Pethroom. 

P3 Technologies 

Pet health technology and solutions provider P3 Technologies (P3T) completed a $10 million (€9.4M) investment round with the objective of bringing technology-driven solutions and comprehensive pet care services to the Miami market.

Funds generated from these acquisitions will be used to expand P3T’s services, invest in advanced technology, and hire additional professionals. “This strategic move allows us to streamline our services and offer our clients a seamless experience, from prescriptions to insurance to care services,” says CEO Rob Levin.

P3T also acquired two prominent pet pharmacies—Heartland Veterinary Supply & Pharmacy and VetApproved Pharmacy—to bring an integrated approach to pet healthcare. 

FarmInsect

The Munich-based insect technology company has successfully bagged €8 million ($8.5M) in its Series A funding round to upscale the production of its insect farming solution for the animal feed, aquaculture and pet food industries and support its commercialization.

The firm will also use the capital injection to fund further research and development (R&D) for technological improvements. 

“Together, we will pursue our ambitious goal to make insects the go-to protein source ahead of soy and fishmeal in the EU. In this next stage, we plan to intensify our R&D activities in order to decisively expand and further improve the current breeding lines,” comments Thomas Kuehn, Founder and CEO.

Creature Comforts

Creature Comforts, a London-based veterinary care start-up, secured £7 million (€8M/$8.4M) in seed capital to develop its proprietary digital care app, which is expected to operate with its 2 upcoming physical veterinary clinics. 

The funding was led by Torch Capital, Hanaco VC and Boost Capital Partners.

In a quest to modernize the space, its digital app brings customers 24/7 support and offers veterinarians and clinicians an option to work from home. It aims to repair the United Kingdom vet care system by easing the continuity of service, solving glitchy tech, inconsistent pricing and operational efficiencies.

Oh Norman! 

American actress Kaley Cuoco launched her pet care brand Oh Norman! with co-founder and CEO Katie Hunt. The brand received $3 million (€2.8M) in funding from Midnight Venture Partners, Everywhere Ventures, and Freedom Trail Capital.

The dog brand may expand its portfolio to other animals. However, for now, it offers accessories like dog bowls, placemats and liquid supplements for itching and to help keep dogs calm.