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Scoop: TheVets taps Raymond James to raise funds

an illustration of a paw print shaped air freshener hanging from a car rear view mirror

Illustration: Tiffany Herring/Axios

Mobile veterinary company TheVets hired Raymond James to raise growth funding, sources tell Axios.

Why it matters: Tech-enabled and convenience-focused veterinary companies are seeing increased investor interest as pet owners seek more efficient care.

The latest: The New York City-based mobile veterinary services provider is reaching out to growth investors, likely for a minority stake in the business, per sources.

  • Generating revenue in excess of $10 million, TheVets is not yet EBITDA-positive, sources say.

How it works: The company provides home veterinary visits.

  • Services include sick visits, microchipping, dermatology, wellness exams, home lab tests, litter exams, vaccinations, ultrasounds and nutrition advice.
  • TheVets also sells $99 per pet monthly wellness memberships for cats and dogs.

State of play: Like human care, pet care is moving away from the four walls of the hospital. Mobile veterinary care businesses comparable to TheVets include:

  • Boston-based BetterVet raised a $40 million Series A in 2022 at a pre-money valuation of $63 million, per PitchBook.
  • Houston-based Rollin' Vets raised $5 million in 2021 at a pre-money valuation of $10 million, per PitchBook.
  • Davidson, North Carolina-based Moves Vets raised $690,000 from angel investors in 2022, per PitchBook.

Veterinary assets with a de-novo growth strategy have also become increasingly compelling to private equity backers and other investors.

  • Small Door Vet hired Lincoln International last year to explore strategic options and held initial meetings with investors, though a deal has not yet materialized.
  • Bond Vet secured $50 million from existing investors Warburg Pincus and Talisman Capital Partners last October.
  • Modern Animal raised roughly $75 million in 2021 by way of a $35.5 million Series A and a $40 million Series B.
  • Whistler Capital Partners invested an undisclosed amount in Heart and Paw in January.

TheVets and Raymond James did not respond to Axios' request for comment.

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