FirstVet, an online pet health services startup, has raised €20 million in Series C funding. The round was led by TELUS Global Ventures, the strategic investment arm of global technology company TELUS, which backed US-based Sense. It also saw support from existing investors, including OMERS Ventures, Mubadala Capital (which backed Storyblok and Moove), and Cathay Innovation.
This funding will support FirstVet’s expansion while accelerating product development to explore new types of partnerships.
What challenge does it address?
With more pet parents than ever looking for trusted vet services, and the adoption of pet insurance in the US on the rise, remote care and telehealth are expanding quickly. According to the 2023-2024 APPA National Pet Owners Survey, 66% of US households own a pet and are projected to spend $39.1 billion on vet care and product sales in 2024.
FirstVet is a one-of-its-kind digital vet clinic offering instant veterinary support through video calls, providing peace of mind for pet parents globally.
What does FirstVet do?
Established in Stockholm in 2016 by David Prien, Joakim Widigs, and Lars-Martin Norviit, FirstVet improves the efficiency of vet care by being the initial point of contact for pet owners. With partnerships spanning over 60 major insurance companies globally, including Nationwide in the US, it offers its services at no additional cost to over 5 million insured pets.
Veterinarians appreciate virtual vet care as it represents a flexible and effective working role, providing relief in a field often marked by staff shortages and other challenges.
FirstVet has expanded across the Nordics, the US, the UK, and Germany. With a team of 100 staff and 400 veterinarians available 24/7, 365 days a year,
The app connects pet parents to registered veterinarians for expert advice and clinic referrals. In select markets, it connects pet shops and pharmacies, allowing pet parents to access and purchase recommended products and medications vetted by vets.
“FirstVet is the only company offering pet telehealth on a global scale, and TELUS Global Ventures is an ideal partner for our next phase of growth,” said David Prien, CEO and co-founder of FirstVet. “As digital vet services rise in popularity, driven by rapidly changing regulations, we are excited to bring our proven and successful platform from Europe to North America, where the market is booming and ready for us. We have already established ourselves as an essential telehealth partner to European pet insurers. With support from TELUS Global Ventures, we aim to scale our services in North America, extending our reach through new types of partnerships. Our US business has grown significantly, and with TELUS Global Ventures, we are poised to accelerate this progress”.
“As a global leader in identifying and supporting innovative companies, we are pleased to increase our investment in FirstVet, a leading pet telehealth business providing a comprehensive digital care journey for pet parents searching for the best care for their pets,” noted Terry Doyle, Managing Partner, TELUS Global Ventures.
What do we think about FirstVet?
The company is transforming pet healthcare with its innovative telehealth platform, providing instant access to veterinary care via video calls. The recent €20 million Series C funding will support its expansion and product development. Its global reach and partnerships with major insurance companies position it as a crucial player in the rapidly growing pet telehealth market.
