Bought By Many partner FirstVet receives €18.5 million in investment

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Swedish startup FirstVet, which launched in the UK earlier this year and partnered with Bought By Many, has closed an €18.5 million (£15.95 million) funding round.

London-based OMERS Ventures led the round, with early-stage venture capital firm Creandum participating.

The funding will enable FirstVet to expand its service globally, with the company looking to launch in other markets, such as the US, Germany, and France. In addition, FirstVet will continue to develop its product and introduce new features to improve the experience for pet owners and vets alike, such as new automation tools and integration with clinics’ existing systems.

This latest round of financing, which will see OMERS Ventures principal Henry Gladwyn assume a board position, takes FirstVet’s total funding to-date to €24.5 million (€21.12 million).

FirstVet provides pet-owners with on-demand video consultations with local, qualified veterinarians.

Through partnerships with more than 20 major insurance companies across all markets, including with Bought By Many in the UK, the FirstVet service is free-of-charge for millions of pet owners, and helps to address the issue of widespread veterinarian shortages. There are currently 150 veterinarians on the platform, with this number growing continually.

FirstVet chief executive officer and co-founder David Prien said of the investment: “We’re hugely excited to partner with OMERS Ventures as we have been actively looking for a partner which not only shares our core values but who can support our long-term vision to improve the animal care process for all stakeholders.”

“Being the VC arm of the OMERS pension plan means that OMERS Ventures operates with a long-term vision of value creation, and has a fantastic track record in partnering to transform great companies into market influencers. Together we can continue implementing our ambitious plans while simultaneously improving the global veterinary industry.”

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Mark Dugdale is the editor of Claims Media. Mark welcomes articles, letters or feedback from readers and can be reached via mark.dugdale@barkerbrooks.co.uk