Funding Will Expand BetterVet's Mobile Service in 25+ U.S. Markets
Company Offers Best-In-Class Pet, Pet Parent, and Practitioner Experience
BOSTON, Nov. 16, 2022 /PRNewswire/ -- BetterVet, Inc., the full-service mobile veterinary network, announced today that it has secured $40 million in Series A financing. The financing round is co-led by Alta Partners and industry trailblazer Bruce Herzfelder, BetterVet's CEO and co-founder. BetterVet's tech-enabled model empowers a doctor and nurse team to practice world-class medicine through visits to pets in the comfort of one's home. With "white glove" service, BetterVet provides an elevated veterinary experience that is warm, high-touch, and personalized for each pet and pet parent.
BetterVet is currently operating in 25 markets including Boston, Chicago, New York, Los Angeles, and San Francisco. With the Series A funding, BetterVet will deepen its presence in existing markets, add new markets, and launch additional services.
The company's founders include Bruce Herzfelder, who previously started VetCor, now one of the largest brick and mortar veterinary networks with over 700 hospitals; former AVMA president Dr. John de Jong, who is also president-elect of the World Animal Association; and
DIRECTV veteran Carolina Goncebat, an MIT Sloan graduate. Their modern, mobile approach to veterinary medicine promotes a better veterinary care experience for pets and pet parents alike. The easy-to-use BetterVet app enables clients to schedule home visit appointments in real time, and BetterVet doctors obtain Fear Free® certification to minimize anxiety and stress for all family members.
"BetterVet was designed to facilitate access to care while improving the pet and pet parent veterinary experience," said Bruce Herzfelder, CEO of BetterVet. "We are thrilled to have Pete Hudson and Alta as our partners. They understand healthcare delivery models through previous investments and are committed to the future of veterinary care in the home. The additional capital coupled with Alta Partners' experience in healthcare will help us to expand our network of mobile care across the country while maintaining our best-in-class veterinary service to pets and their parents."
BetterVet's technology-enabled platform also provides a more modern and flexible doctor and nurse experience in a veterinary labor market that has been impacted by burnout and retention difficulties. BetterVet's proprietary web and app platform frees employees from a rigid schedule tied to brick and mortar hours. Mobile care teams can customize their schedules while enjoying competitive salaries and benefits. BetterVet's technology allows for real-time scheduling with route optimization, allowing employees to spend more time developing meaningful relationships with pets and their parents.
"BetterVet is leading the transformation in veterinary care for both the pet parent and veterinarian. Given the recent shift of pet ownership toward a younger, technology-oriented consumer base, BetterVet is uniquely positioned to succeed within these market dynamics. Bruce and the team at BetterVet have built a sophisticated platform that will lead the revolution of how veterinary care is accessed while attracting and retaining top industry talent," said Pete Hudson, MD, managing director at Alta Partners. "Our team here at Alta is very excited to be working with Bruce and the BetterVet team to ensure that pets and their parents around the country are able to enjoy the benefits of receiving high-quality veterinary care in the comfort of their homes."
To support BetterVet's strategic growth, Pete Hudson and Dan Adams, most recently CEO of VetCor, are joining BetterVet's Board of Directors.
BofA Securities Inc. acted as the exclusive strategic and financial advisor to BetterVet. BetterVet was advised on legal matters by Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP. Cooley LLP acted as Alta Partners' legal advisor.
Founded in 1996, Alta Partners is one of the nation's premier healthcare venture capital firms. Alta has raised $2.6 billion in capital through 11 venture funds and invests in healthcare companies across the development continuum, from company formation to later-stage opportunities, and has funded more than 175 companies in the sector to date. In August 2022, Stat Reports recognized Alta as the country's top performing biotech venture fund. Alta has offices in the San Francisco Bay Area, Denver, and Jackson, WY. For more information, please visit www.altapartners.com
BetterVet was formed in 2020 as a family business with Desmond and Julia Herzfelder as employees #1 and #4. The company is a leader in the veterinary industry with its mobile, virtual, and stress-free approach to pet care. Combining modern technology with compassionate, world-class service, BetterVet delivers a better vet care experience by meeting the pet in the comfort of their home while saving pet parents the hassle of bringing their anxious pets to the vet. BetterVet is currently available in 25 cities across the United States. For more information on the BetterVet experience, visit www.bettervet.com, or download the BetterVet mobile app on any mobile device.
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