VALHALLA, N.Y.--(BUSINESS WIRE)--Veterinary Emergency Group (VEG), the world’s veterinary emergency company that helps people and their pets when they need it most, announced a $100 million financing round co-led by D1 Capital Partners and Fidelity Management & Research Company LLC, and supported by Durable Capital Partners LP. Sequoia Heritage, a longtime supporter of VEG, funded VEG’s first two rounds.
This third round of financing will bring total equity raised to an estimated $150 million since inception and positions VEG to continue to invest in its people by providing the best support system and work culture within the veterinary field.
“We want to continue to add superheroes to our growing family of amazing VEGgies. We will support and reward them for their contributions to our mission of helping people and their pets when they need it most,” said Dr. David Bessler, VEG’s Founder and CEO. “This third round of funding will allow us to continue to recruit the ‘best of the best’ in the industry and provide them every chance to succeed professionally and find long term joy in emergency, the most fulfilling area of veterinary medicine.”
“Combining four world class investors is a big win for all of our VEGgies. This capital, expertise and network will continue to encourage our entrepreneurial spirit as we change the face of veterinary emergency medicine against multi-billion dollar corporate entities. We will always be Davids taking on Goliaths,” said David Glattstein, VEG’s President and Co-Founder.
The capital will enable VEG to continue to invest in their people, growth and culture in the following key areas:
- Recruitment: We will use these resources to continue providing an environment where our VEGgies can brag about their jobs and make their friends jealous. We will significantly expand and enhance our Talent team to search for the “best of the best” who are passionate about the VEG mission. Emergency is our middle name. It's all we do, so we do it best. We pay more than anyone else, give more growth opportunities and have unlimited continuing education. This funding supercharges all of these initiatives.
- Nursing Salaries and Credential Support: VEG is proud to lead the veterinary emergency field by offering unprecedented pay and veterinary technician credential support to make professional growth opportunities and a sustainable career the norm.
- Equity Opportunities: Every tenured doctor and leader with us will have an opportunity to become a shareholder at VEG and participate in the upside of the company’s future. There is no catch. Every tenured doctor and leader will eventually be a shareholder.
- School Debt Repayment: Student debt is often the biggest concern of new veterinarians and veterinary nurses, and VEG will offer a student loan assistance program that provides a monthly contribution paid directly to them, starting at $2,000 per year and growing to $5,250 per year. Additionally, VEG offers new veterinarians a scholarship that pays a student’s fourth year of veterinary school.
- Well-being Initiatives: In an industry with a high burnout rate, VEG has looked to create an environment that creates a healthy work-life harmony. VEG will continue to provide well-being initiatives that address vital issues like compassion fatigue to support team members.
- Continued Education: VEG is invested in each VEGgie’s professional growth and offers unlimited continuing education and hands-on training with their mentorship and externship programs.
Investor Quotes
"We proudly partnered with Veterinary Emergency Group in 2017, when VEG had two hospitals, fewer than twenty employees, and a bold vision. Since then, David and David have superbly executed against their mission to transform veterinary medicine, assembled a world class team, and cared for countless pets in times of acute need. Seven years into the company's journey, this financing accelerates the VEGolution, which we believe is just getting started," said Kevin Kelly, Senior Managing Director at Sequoia Heritage.
“VEG is revolutionizing the standard of care in veterinary emergency medicine and addressing significant unmet needs. We are excited to support its disruptive delivery model which improves clinical outcomes and access for pets while creating unparalleled career opportunities and a fun work environment for all VEGgies,” said James Rogers, Analyst at D1 Capital.
About Veterinary Emergency Group
Established in 2014, Veterinary Emergency Group (VEG) is a company founded on a single mission: helping people and their pets when they need it most. VEG's rapidly growing group of hospitals has revolutionized the pet emergency experience with a customer-centered approach, rapid response times, and a highly trained emergency-focused staff. VEG currently has 24 hospitals operating in nine states including California, New York, New Jersey, Florida, Georgia, Colorado, Texas, Massachusetts and Illinois. To locate a VEG hospital near you or for more information, please visit veg.vet.
About Investors
Sequoia Heritage is a private investment partnership investing on behalf of entrepreneurs and their philanthropies.
D1 Capital Partners is a global investment firm that operates across public and private markets. The firm combines the talent and operational experience of a large, premier asset management firm with the flexible mandate and long-term time horizon of a family office. Founded in 2018 by Daniel Sundheim, D1 focuses on investing in the global internet, technology, telecom, media, consumer, healthcare, financial, industrial, and real estate sectors.
Durable Capital Partners LP (“Durable”) is an investment manager focused on companies that have the potential to compound over time. Durable invests across private and public markets with a long-term horizon, applying deep knowledge of compounder patterns to support leaders building durable and sustainable businesses. Henry Ellenbogen, who previously was Portfolio Manager of T. Rowe Price’s New Horizon Fund, co-founded Durable in 2019. www.durablecap.com
