October 19, 2023
(press release)
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Press release: Petfolk Petfolk, the modern veterinary care company providing best-in-class service to pets, pet owners, and veterinarians through a connected care community, is pleased to announce a $40 million Series B. The investment was led by Movendo Capital, a family-backed growth equity investor with a focus on food and beverage, retail, and branded consumer companies throughout Europe and North America. Existing investors including White Star Capital, Idea Farm Ventures, and others, also participated in the round. Petfolk is leading the charge in reshaping the fragmented and understaffed veterinary profession by providing services in-person at state-of-the-art pet care centers, as well as virtually through the Petfolk mobile app. Founded by CEO Dr. Audrey Wystrach, DVM, Petfolk’s differentiation results from key learnings over her 29+ years of experience as a practicing veterinarian. Since 2021, Petfolk has grown from a single location in Charlotte, North Carolina to 11 total locations expected by the end of 2023, with an additional 20 locations planned for 2024. Petfolk is now the fastest growing and #1 rated veterinary service provider across the Southeast, with current locations in North Carolina, South Carolina, Georgia, and Florida. Underscoring Petfolk’s mission to elevate members of the veterinary profession, Petfolk recently introduced the Petfolk Partner Program. The Partner Program provides veterinarians with the opportunity to advance their careers, progressing from Associate Veterinarians to Partner Veterinarians over time and giving them shared economics in their clinics and equity ownership in Petfolk. This allows veterinarians to have ownership without taking on the risks of starting their own practice, as no buy-in is required. “I saw a world where it was getting harder and harder for veterinarians to start their own practices. Today’s veterinarian is leaving veterinary school with over $180,000 in debt, and the last thing they want to do is take on additional debt to open a practice. I wanted to show vets a path to ownership without the risk. A path where Petfolk takes care of all the heavy lifting so that our Partner Veterinarians can focus on providing quality care and strong medical outcomes for their pets. Petfolk is built by vets, for vets,” says Dr. Wystrach. Petfolk has experienced rapid growth since its Series A in 2022, with over 60,000 pets expected to be cared for this year and nearly 300% revenue growth year-on-year. Since its inception, Petfolk has consistently achieved a 90+ Net Promoter Score (NPS), making it the highest-rated veterinary clinic group in every market in which it operates. Additionally, Petfolk was recently recognized as the 2023 Pet Solution of the Year by the Pet Independent Innovation Awards. “We believe strongly in Petfolk and its vision to make veterinary care more transparent, more accessible, and more welcoming. In particular, Petfolk’s strong team, led by Dr. Wystrach, along with the high quality of service and attention to detail at their care centers, continue to stand out,” says Pedro Pereira Gonçalves, CEO at Movendo Capital. “We are excited to help Petfolk become the go-to destination for pet owners and veterinary clinicians alike.”
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