Small Door Vet in discussions to increase capital
The New York-based membership veterinary business is currently negotiating terms with investors.
There have been some rumors in recent weeks that the Small Door Vet would be allegedly working on different future scenarios, including a potential sale of the business.
Reports have indicated that Small Door is conducting management meetings with prospective buyers ahead of gathering first-round bids. In a conversation with GlobalPETS, CEO and Co-Founder Josh Guttman admitted they are “currently in discussions” with investors about growth capital financing.
Guttman did not mention anything about a possible sale of the business.
Business is going well
“The business has more than doubled every year of its existence and will do so again next year,” Guttman adds.
At the end of last year, the CEO told news website Axios that the company was making over $10 million (€9.48M) in revenue per year.
Small Door Vet has raised $63.5 million (€60.2M) over 3 funding rounds, with the most recent round constituting the majority of the total at $40 million (€37.9M) in December 2022 in its Series B funding round.
Expansion pipeline
Small Door operates as a tech-based veterinary chain to try and help clients be seen more quickly than at traditional vet practices. In addition to in-person care, the company has a 24-hour telehealth app.
In the past year, the firm has added 5 new clinics to its network, bringing its total to 12 across New York, Washington D.C. and Boston.
In September, Small Door announced it wanted to expand its network into Maryland, Virginia and Illinois while building more clinics in existing locations. According to company estimates, over the next 6 quarters, the business will open 10 more hospitals.
To drive this growth plan, Small Door recently appointed Jamie Richardson as Chief Medical Officer, Kristin Hackett as Vice President of People, and Richard Dandridge as Vice President of Finance.