- Modern Animal announced recently that it raised $75.5 million. These are the details.
Modern Animal — a new kind of veterinary company — announced recently that it raised $75.5 million in funding. And the company is completely reimagining the veterinary experience for both pet owners and veterinary professionals.
The $75.5 million in funding included a $35.5 million Series A led by True Ventures and Addition and a $40 million Series B led by Founders Fund — who also led the company’s Seed round in 2019. And all 3 firms plus existing investor Upfront Ventures participated in both rounds. This capital will be used for rapid expansion as well as continued development of the Modern Animal platform.
As part of the funding round, Modern Animal has added 2 new board members: Tony Conrad, partner at True Ventures, and Karen Boone, former CFO of Restoration Hardware and current board member of Peloton, Sonos, and Rivian. David Bowman, partner at Atmosphere and former COO/CFO of Blue Bottle Coffee, had joined the board in 2020. And these new board members boast a wealth of experience in massively and strategically scaling multi-site, box-based businesses.
Pet ownership surged during the COVID-19 pandemic; nearly half (49%) of Americans added a pet to their family in the last year. And this trend is especially true for millennials: a recent study shows that 76% of 20-38-year-olds now have a pet. With warm inviting clinics, an easy-to-use app, and 24/7 virtual care, Modern Animal is well-positioned for serving this new generation of pet parents.
At the core, Modern Animal is focused on 2 things: improving the experience of both the pet owner and the veterinary profession. Improving the pet owner’s experience (though certainly not without its challenges) is a relatively straightforward task: better-designed clinics, better technology, and better communication. And in short, Modern Animal is making many, many small improvements, aimed at producing a meaningfully different relationship with one’s veterinarian both in-person and virtually.
While the broader pet market is booming and private equity-backed consolidators clamor to buy existing clinics at ever-increasing prices, there are major challenges for those working in the veterinary profession. Stressful work environments, communication issues, archaic technology, massive debt loads, and burnout have become common. And Modern Animal plans to systematically address all of these issues with the goal of making the profession both sustainable and joyful.
KEY QUOTES:
“Since we opened our doors just over a year ago, we have had the honor of taking care of thousands of pets from across Los Angeles at both our West Hollywood clinic and virtually. Our goal is to build a better, more sustainable career for veterinary professionals and a better, more human experience for pets and their owners by examining every nook and cranny of the industry and fixing any problem we can find.”
— Steven Eidelman, founder and CEO of Modern Animal
“This team has invented not only the digital experience for veterinary care but also a new model of work for the people who care for our pets. For pet owners, what was once a fragmented experience is now beautifully streamlined, turnkey, and pleasant. They can consult with vets 24/7 for their pets on the Modern Animal app. On the flip side, veterinarians are empowered with Modern Animal’s technology to provide world-class service. For them, it’s less admin work, more meaningful work, and ultimately better care for pets, whether they’re offering care at one of Modern Animal’s in-person clinics or through remote consultations on the app.”
— Tony Conrad, partner at True Ventures
“The expectations of pet owners for high-quality care continues to increase as pets are treated as true members of the family. Modern Animal is building an enduring business that will fundamentally change the veterinary industry through thoughtful and innovative care. We couldn’t be more excited to partner with Steven and his team on this journey.”
— Lee Fixel, founder of Addition
