Vets First Choice Secures $6.5 Million in Financing; Demonstrates Strong Growth in Veterinary Practice Partners
Company Achieves Half-Million Registered Pet Subscribers
Portland, ME (June 17, 2013) — Vets First Choice, the nation’s leading online veterinary partner-pharmacy and marketing service provider, announced today that it closed a $6.5 million financing led by new investor HLM Venture Partners. Also participating were existing investors including Polaris Partners, Borealis Ventures, Harbor Light Capital, and Black Point Group.
The company also announced that it has registered more than a half-million pet owner subscribers via veterinary practices across the country for scheduled home delivery of important medications, diets and other products.
We’re very pleased to have added over a half-million subscribers in just 3 years, and I look forward to seeing continued, robust growth,” said Vets First Choice CEO Benjamin Shaw.
“We are confident that we provide the best available pharmacy service in the market today for our veterinary healthcare team partners and their pet owner clients. With the addition of HLM Venture Partners to our strong syndicate, and our new resources, we are extremely well positioned.”
“Vets First Choice offers a fantastic service for pet owners and veterinarians,” said Yumin Choi, Vice President at HLM Venture Partners.
We expect that Vets First Choice will continue to build on its impressive leadership position in this rapidly growing market and will be a source of innovation and consolidation for the veterinary pharmacy services,” added Choi.
Vets First Choice has secured pharmacy licensing in all 50 states and accreditation by Vet-VIPPS, and offers more than 5,000 medications and diets as an authorized distributor to veterinary drug and diet manufacturers.
About Vets First Choice
Vets First Choice℠, a privately-held company headquartered in Portland Maine, is a national home delivery provider of FDA- and EPA-approved pharmaceuticals, therapeutic diets and compounded medications to pet owners on behalf of veterinary clinics. Our comprehensive suite of services helps veterinary practices improve medical compliance for core products and services, reduce inventory costs, enhance customer services, and promote the Veterinarian-Client -Patient Relationship. Vets First Choice is partnered with more than 6,000 veterinary hospitals to provide a simple, safe, and cost effective method to meet pet owner expectations for convenience, service and competitive prices. Our pharmacy complies with the licensing and inspection requirements of all 50 states and Vet-VIPPS. For more information, please visit www.vetsfirstchoice.com.
About HLM Venture Partners
HLM Venture Partners is a leading venture capital firm providing capital to emerging companies focused on health care service, health care information technology and medical devices. HLM has over $400 million of venture capital under management and works with the leading growth companies that are improving the quality of health care while reducing overall costs. HLM supports entrepreneurs as they turn innovative ideas into market-leading businesses, offering guidance on financial structuring, resource allocation and deployment, strategic planning, strategic introductions, and recruitment. HLM has offices in Boston, Mass, and San Francisco, CA. (www.hlmventurepartners.com).
About Polaris Partners
Polaris Partners invests in and helps build successful Technology, Healthcare and Consumer companies. The firm has $3.5 billion under management and makes investments across all company lifecycle stages. Polaris Partners operates from offices in Boston, San Francisco, and Dublin, Ireland. (www.polarispartners.com)
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