With new funding, Swedish telehealth company plans U.S. expansion
FirstVet, a Sweden-based veterinary telehealth company, announced that it closed a recent funding round with the equivalent of $20.6 million.
The 18.5 million euros in investments was led by the venture capital segment of OMERS, a Canada pension fund. This funding will allow FirstVet to expand its service globally, including to the United States, according to an announcement from OMERS.
FirstVet is currently present in the United Kingdom, Norway, Denmark, Finland and Sweden, and in addition to the United States, officials hope to expand to Germany and France.
The platform, which serves pets and horses, allows owners to set up on-demand video consultations with veterinarians. Since launching in 2016, the company reportedly has 200,000 registered users. According to FirstVet’s website, veterinarians on the platform offer advice and treatment, including prescriptions and local referrals. It’s available 24 hours a day, seven days a week, and partners with more than 20 insurance companies, according to OMERS’ announcement.
According to OMERS, the company offers consultation rates 60-70% less expensive than the starting fee for a physical veterinary consultation.
“FirstVet is the first truly neutral stakeholder in the world to coordinate pet care,” FirstVet CEO and cofounder David Prien said in the announcement. “In what is a highly privatized industry, our reliable service provides value to the entire sector, and we are growing at an incredible rate.”
The platform “acts as an increasingly important and natural supplement to clinics, which benefit from higher-quality referrals so that they can focus their care on pets that require urgent attention,” OMERS’ announcement said. “Insurance companies are given insights into the care process and costs.”
“FirstVet has ambitions to become the global leader in on-demand video veterinary appointments, and we are delighted to be on board to help them achieve this goal,” said Henry Gladwyn, principal at OMERS Ventures.
