Series C Funding, led by TELUS Global Ventures, to accelerate FirstVet's growth and product development outside of Europe.

STOCKHOLM and VANCOUVER, BC, June 24, 2024 /CNW/ - FirstVet (firstvet.com), the global leader in online pet health services, today announced the successful close of a €20M Series C funding round. The round was led by TELUS Global Ventures, the strategic investment arm of global technology company TELUS. This funding will support FirstVet's expansion, while accelerating product development to explore new types of partnerships. The round is supported by existing investors including OMERS Ventures, Mubadala Capital and Cathay Innovation.

Founded in Stockholm in 2016, 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, FirstVet offers its services at no additional cost to over 5 million insured pets. The platform currently supports 400 veterinarians and nurses. 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.

With more pet parents than ever looking for trusted vet services, and adoption of pet insurance in the U.S. on the rise, remote care and telehealth is growing quickly. According to the 2023-2024 APPA National Pet Owners Survey, 66% of U.S. households own a pet and are projected to spend $39.1 billion on vet care and product sales in 2024.

"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 the 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.

FirstVet is the pioneering digital vet clinic offering instant veterinary support through video calls, providing peace of mind for pet parents globally. Established in Stockholm in 2016, FirstVet has expanded across the Nordics, U.S., U.K., and Germany. With a team of 100 staff and 400 veterinarians available 24/7, 365 days a year, FirstVet is a global trailblazer in digital pet healthcare. FirstVet's app connects pet parents to registered veterinarians for expert advice and clinic referrals. In select markets, FirstVet's comprehensive approach includes pet shops and pharmacies, allowing pet parents to access and purchase recommended products and medications vetted by vets. Backers to date include Creandum, OMERS Ventures, Mubadala Capital, Cathay Innovation and TELUS Global Ventures.

At TELUS Global Ventures we leverage deep insights from our global businesses to provide our investment partners with opportunities for tangible growth and traction. To date, TELUS Global Ventures has funded more than 150 companies that are poised for significant growth and market transformation, spanning across 10 countries and five continents.

Media Contacts:
Rebecca Crusoe
Chief Marketing Officer, FirstVet
rebecca@firstvet.com 

François Marchand
TELUS Media Relations
francois.marchand@telus.com

SOURCE TELUS Global Ventures