NEW YORK--(BUSINESS WIRE)--Mixlab, the veterinarian-partnered pharmacy and leader in pet prescription and wellness solutions, today announced a $10M funding round led by Vanterra Ventures, with participation from Lakehouse Ventures and others. The investment will fuel Mixlab’s ambitious growth plans, allowing the company to further expand its operations and product offering, continue to enhance its technology platform, and reach profitability.
The global pet care industry is exploding, valued at $235B in 2022 and expected to reach $368B by 2030 driven by increasing pet ownership and spending per pet.1 Within pet care, animal health, which includes products and services for animal healthcare, is poised to overtake food and treats as the largest sector due to the rising demand for personalized care, preventative health, and advancements in veterinary medicine.2
Mixlab is disrupting this underserved market by focusing on creating a better pharmacy experience for veterinarians, pet parents and pets. Mixlab’s proprietary technology makes it easy for veterinarians to write and manage prescriptions, eliminating the need for back-and-forth phone calls and faxes, ensuring greater compliance and improving financial outcomes. For pet parents, Mixlab makes a stressful time delightful with thoughtful personalized packaging, proactive text-based communication and industry-leading turnaround times. Free next-day delivery is standard for customers in all 50 states.
Fred Dijols, Founder and CEO of Mixlab, states, “This investment further validates our vision for creating a modern best-in-class pet healthcare brand and will allow us to continue expanding our capabilities, provide unmatched customer service, and make a positive impact on the lives of countless pets, pet parents and veterinarians.”
Mixlab serves thousands of pet parents and veterinarians nationwide out of its New York City and Los Angeles labs. With this new funding, Mixlab has expanded operations with a third pharmacy in Florida, allowing the company to now offer same-day delivery to customers in the Miami-West Palm Beach area as it does with its other two lab locations. To date, Mixlab has primarily focused on compounded medications. In response to the overwhelming demand from veterinarians and pet parents to offer more products, Mixlab will continue to broaden its offering to include branded and generic medications and over-the-counter products and become the one-stop shop for all pet health and wellness needs.
Last year, Mixlab appointed healthcare operations veteran George Koveos as Chief Operating Officer and Libby Loskota as SVP of Sales and Marketing to oversee the company’s accelerated growth. Koveos was previously the COO of Ro, a vertically integrated human healthcare platform that grew to a $5 billion valuation under his leadership. Loskota previously ran global marketing at TaskUs (Nasdaq: TASK).
Joining Mixlab’s board of directors, Ellis Fried, Vice President of Vanterra Ventures, said about the company: “Mixlab is disrupting the pet healthcare industry with its innovative technology platform and commitment to exceptional customer experience. The company’s customer service and retention metrics are exceptional. Mixlab has proven the value of their model and we are thrilled to be a part of their growth journey to become the most trusted healthcare brand for pet parents and veterinarians.”
About Vanterra Ventures
Vanterra Capital is a leading private equity investment firm that develops specialized fund platforms. Vanterra Capital formed Vanterra Ventures in 2018, a venture capital fund designed to capitalize on the substantial market opportunity in early-stage consumer and consumer technology while leveraging the team's successful private equity track record. Vanterra Ventures invests in disruptive companies across consumer goods, digital health, and enabling technologies.
About Mixlab
Mixlab is the modern, best-in-class pet pharmacy that partners with veterinarians to make their jobs easier and deliver the highest level of care to pet parents. Mixlab is digitally transforming the veterinarian-led prescription medication process while delivering a superior customer experience for pet parents. Founded in 2017 by Vinnie Dam, Fred Dijols and Stella Kim, the team does everything that it takes to deliver the best personalized care to pets, in the fastest and most joyful way possible. Mixlab has financial backing from Global Founders Capital, Vanterra Ventures, Lakehouse Ventures, Sonoma Brands, Monogram Capital, Brand Foundry, and others. Read more about Mixlab at www.mixlab.com.
Sources 2 Morgan Stanley. US Pet Care: Welcome to the Petriarchy, March 3, 2021 |
