Total amount raised
$94.3 Millions
Latest funding date
07/01/2021
Location
Embark has successfully raised funds through multiple rounds, with the latest being a Series B round. The company specializes in dog DNA testing, offering insights into breed, health, and traits.
Keep reading to explore the intricacies of Embark's fundraising journey and the investors backing this innovative platform.
What Is Embark?
Embark Veterinary, Inc., founded on July 29, 2015, is based in Boston, Massachusetts. The company operates in the health care, pet, and veterinary industries.
Founded by Adam Boyko, Matt Salzberg, Ryan Boyko, and Spencer Wells, Embark employs between 51-100 people. The company specializes in dog DNA testing, offering products that help pet owners understand their dog's breed, health conditions, and genetic traits.
How Much Funding Has Embark Raised?
- Seed Round
- Amount Raised: $1.8M
- Date: May 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and develop its initial product offerings.
- Seed Round
- Amount Raised: $5.5M
- Date: July 2017
- Lead Investors: Founder Collective, Freestyle Capital, Third Kind Venture Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product development and increase market reach.
- Series A
- Amount Raised: $12M
- Date: April 2019
- Lead Investors: F-Prime Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the company's genetic testing capabilities.
- Series B
- Amount Raised: $75M
- Date: July 2021
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand key hires and accelerate the development of the discovery engine.
Total Amount Raised: $94.3M. Current Valuation: Not publicly disclosed.
Key Investors
- SoftBank Vision Fund 2
- Details: Led by Lydia Jett, SoftBank Vision Fund 2 is a prominent venture capital fund.
- Investment Focus Areas: Technology, AI, robotics, and other innovative sectors.
- Notable Investments: Uber, WeWork, DoorDash.
- F-Prime Capital
- Details: A global venture capital firm with a strong presence in healthcare and technology sectors.
- Investment Focus Areas: Healthcare, technology, life sciences.
- Notable Investments: Moderna, Orchard Therapeutics, Iora Health.
- SV Angel
- Details: An angel investment firm known for backing early-stage startups.
- Investment Focus Areas: Early-stage startups, particularly in technology.
- Notable Investments: Twitter, Airbnb, Dropbox.
- Slow Ventures
- Details: A venture capital firm that invests in consumer, technology, and media sectors.
- Investment Focus Areas: Consumer, technology, media.
- Notable Investments: Slack, Pinterest, Casper.
- Freestyle Capital
- Details: A seed-stage venture capital firm focusing on technology and consumer products.
- Investment Focus Areas: Technology, consumer products.
- Notable Investments: Airtable, Patreon, Intercom.
What's Next for Embark?
Embark is poised for significant growth, driven by the recent $75 million Series B funding. This capital will enable the company to expand its workforce by 150 employees and accelerate the development of its discovery engine. The pet genetics market is booming, with increasing interest in personalized pet care and genetic testing, positioning Embark to capitalize on these trends.
Future fundraising opportunities seem likely as Embark continues to scale its operations and integrate new senior executives. The company's aggressive growth plans suggest that additional funding rounds may be on the horizon to support further expansion and technological advancements.
However, challenges such as maintaining the quality and accuracy of genetic tests and effectively managing a rapidly growing team could pose obstacles. Successfully navigating these hurdles will be crucial for Embark to sustain its momentum and achieve its ambitious goals.
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