Total amount raised
$164 Millions
Latest funding date
1/1/2023
Location
Modern Animal has successfully raised funding through multiple rounds, attracting the attention of notable investors such as D1 Capital Partners and Upfront Ventures.
The company offers a veterinary platform designed to enhance the veterinary experience through services like unlimited exams and 24/7 virtual care. Keep reading to explore the intricacies of Modern Animal's fundraising journey and the investors backing this innovative platform.
What Is Modern Animal?
Modern Animal, founded in 2019 by Ben Jacobs and Steven Eidelman, is based in Los Angeles, California. The company aims to revolutionize the veterinary experience for both pets and their owners.
Offering services like unlimited exams, in-app prescription requests, and 24/7 virtual care, Modern Animal leverages technology to provide personalized and convenient care. Their innovative platform is designed to meet the needs of pet owners, pets, and veterinary staff alike.
With a team of 251-500 employees, Modern Animal continues to grow, focusing on enhancing access to veterinary care through state-of-the-art technology and a membership model.
How Much Funding Has Modern Animal Raised?
- Seed Round
- Amount Raised: $13.5M
- Date: October 2019
- Lead Investors: Founders Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the initial platform and launch the first clinic.
- Series A
- Amount Raised: $35.5M
- Date: August 2020
- Lead Investors: True Ventures, Addition
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand clinic locations and enhance the technology platform.
- Series B
- Amount Raised: $40M
- Date: July 2021
- Lead Investors: Founders Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support rapid expansion and further development of the platform.
- Series C
- Amount Raised: $75M
- Date: August 2022
- Lead Investors: Addition
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and meet the increased demand for veterinary services.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: January 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue growth and innovation in veterinary care.
Total Amount Raised: $164M. Current Valuation: Not publicly disclosed.
Key Investors
- Founders Fund
- Details: Founders Fund is a venture capital firm that invests in companies across various stages. It was founded by Peter Thiel, Ken Howery, and Luke Nosek.
- Investment Focus Areas: Technology, Space, Healthcare
- Notable Investments: SpaceX, Airbnb, Stripe
- True Ventures
- Details: True Ventures is an early-stage venture capital firm that supports technology startups. The firm was founded in 2005 and is based in Palo Alto, California.
- Investment Focus Areas: Early-stage technology companies
- Notable Investments: Peloton, Fitbit, Blue Bottle Coffee
- Addition
- Details: Addition is a venture capital firm founded by Lee Fixel. The firm focuses on high-growth technology companies.
- Investment Focus Areas: Technology, Growth-stage companies
- Notable Investments: Warby Parker, Tend, Ever/Body
- Upfront Ventures
- Details: Upfront Ventures is a venture capital firm that invests in early-stage technology companies, particularly in Southern California. It was founded in 1996.
- Investment Focus Areas: Early-stage technology companies
- Notable Investments: Ring, Bird, ThredUP
- D1 Capital Partners
- Details: D1 Capital Partners is a global investment firm that deploys capital in both public and private markets. It was founded by Daniel Sundheim in 2018.
- Investment Focus Areas: Public and private markets across various sectors
- Notable Investments: Not publicly disclosed
What's Next for Modern Animal?
Modern Animal is poised to seize significant opportunities in the veterinary care market, driven by the surge in pet ownership and the growing demand for high-quality veterinary services. With plans to expand clinic locations in Pasadena, Studio City, and Playa Vista, the company aims to cater to a large demographic of pet owners, particularly millennials.
Future fundraising opportunities appear promising, given the strong investor interest and the company's successful funding rounds. However, challenges such as the high demand for veterinary services and the need to maintain service quality during rapid expansion could pose hurdles. Addressing these challenges will be crucial for Modern Animal's continued growth and success.
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