Total amount raised
$50 Millions
Latest funding date
08/01/2023
Location
Otto has successfully raised funds through multiple rounds, with the latest being a Series B round closed on August 31, 2023. The company has attracted eight investors, including notable names like Boehringer Ingelheim and Mercury.
Otto's platform offers a range of solutions designed to streamline and automate various tasks within veterinary practices, enhancing client communication and operational efficiency. Keep reading to explore the intricacies of Otto's fundraising journey and the investors backing this innovative platform.
What Is Otto?
Founded in 2015, Otto is a veterinary workflow platform headquartered in Austin, Texas. The company operates in the health care, medical, telehealth, and veterinary industries. Otto was founded by Maggie Louie, Price Fallin, and Steven Carter.
Otto's platform aims to streamline and automate various tasks within veterinary practices, enhancing client communication and operational efficiency. The company employs between 51 and 100 people and offers solutions such as telemedicine, appointment scheduling, and digital prescriptions.
How Much Funding Has Otto Raised?
- Seed Round
- Amount Raised: $2M
- Date: January 2020
- Lead Investors: Dundee Venture Capital, Mercury
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch the initial version of their veterinary workflow platform.
- Series A
- Amount Raised: $5M
- Date: June 2020
- Lead Investors: Mercury
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their technological capabilities and enhance app features.
- Series B
- Amount Raised: $43M
- Date: August 2023
- Lead Investors: Boehringer Ingelheim, Mercury, Hill’s Pet Nutrition
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and business reach.
Total Amount Raised: $50M. Current Valuation: Not publicly disclosed.
Key Investors
- Mercury Fund
- Details: Mercury Fund is an early-stage venture capital firm based in Houston, Texas. They focus on investing in entrepreneurs and technology innovation in the middle of the United States.
- Investment Focus Areas: Technology, software, early-stage startups
- Notable Investments: Alert Logic, Datical, TrendKite
- Boehringer Ingelheim
- Details: Boehringer Ingelheim is a global pharmaceutical company headquartered in Ingelheim, Germany. They are one of the world's largest pharmaceutical companies, focusing on human pharmaceuticals, animal health, and biopharmaceutical contract manufacturing.
- Investment Focus Areas: Human pharmaceuticals, animal health, biopharmaceutical contract manufacturing
- Notable Investments: ViraTherapeutics, AMAL Therapeutics, Abexxa Biologics
- Hill’s Pet Nutrition
- Details: Hill’s Pet Nutrition is a subsidiary of Colgate-Palmolive, specializing in pet nutrition and health. They are known for their science-led approach to pet food and nutrition.
- Investment Focus Areas: Pet nutrition, pet health, veterinary products
- Notable Investments: Not publicly disclosed
- Dundee Venture Capital
- Details: Dundee Venture Capital is a venture capital firm based in Omaha, Nebraska. They focus on investing in early-stage technology companies in the Midwest and other underserved regions.
- Investment Focus Areas: Technology, early-stage startups, Midwest region
- Notable Investments: Flywheel, DivvyHQ, Bulu Box
What's Next for Otto?
Otto is poised to capitalize on the growing demand for integrated practice management systems in veterinary clinics. With a robust customer engagement platform already serving over 8,000 veterinary professionals, the company is well-positioned to expand its operations and business reach. The recent $43 million Series B funding round underscores the significant growth potential and investor confidence in Otto's vision.
Future fundraising opportunities appear promising, given the involvement of high-profile investors like Mercury Fund, Boehringer Ingelheim, and Hill’s Pet Nutrition. These strategic partnerships could pave the way for additional funding rounds and potential acquisitions to enhance Otto's technology and service offerings. However, Otto may face challenges such as competition from other veterinary software providers and the need to ensure seamless integration with various practice management systems.
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