Embark Veterinary Announces $75M Series B Funding Led by SoftBank Vision Fund 2
As the largest Series B for any pet technology startup to date*, the funds will support Embark's long-term goal to increase the lifespan of dogs by three years within the next decade.
BOSTON, July 26, 2021 /PRNewswire/ -- Embark Veterinary, Inc., a global leader in dog genetics, today announced $75 million in Series B funding — the biggest Series B for a pet startup to date. The round was led by Lydia Jett of SoftBank Vision Fund 2**, with previous investors F-Prime Capital, SV Angel, Slow Ventures, Freestyle Capital, and Third Kind Venture Capital also participating.
Embark will use the new funding to expand on key hires and accelerate the development of its robust discovery engine. As Embark's database expands, the company will be able to exponentially increase the number of novel discoveries it makes to help dogs live healthier, longer lives. All of this will support Embark's long-term goal to increase the lifespan of dogs by three years within the next decade.
"If there's one thing we've learned over the past year, it's that there's nothing more important than the health of our family — and pets are a big part of our families," said Ryan Boyko, Co-Founder and CEO of Embark. "We're proud to be partnering with veterinarians, breeders, and dog owners all around the world to substantially increase the life and healthspan for all dogs, and — ultimately — for humans as well."
Embark's Dog DNA Test — the most accurate, highest-rated on the market — tests for over 350 breeds, more than 200 genetic health risks, and many physical traits to empower dog owners, breeders, and veterinarians to make personalized care plans based on their dog's unique genetic profile. Embark's proprietary genotyping technology analyzes 200,000 genetic markers, delivering two times more information than any other dog DNA test on the market. As a result, Embark has the world's largest database of canine health and biological information, enabling the company to make novel discoveries about health risks, traits, and breeds that other companies cannot.
"For pet owners, managing the health of their dogs is critically important. We believe Embark is a genetic insights platform leader who is creating a new standard of personalized care through digital-based DNA insights," said Lydia Jett, Partner at SoftBank Investment Advisers. "We are delighted to work with Adam, Ryan, and the Embark team to support their ambition of accelerating personalized dog care to extend healthier lives."
Named one of Boston Business Journal's Fastest 50 growing companies, Embark has had a momentous year with 235% year-over-year growth from 2020 versus 2019 and five times the sales over the past two years. The company recently hired four new senior executives to help advance the company's growth goals, and is aiming to hire 150 new employees to meet aggressive sales and discovery goals.
About Embark
Embark Veterinary, Inc. was launched in 2015 by two brothers, Adam and Ryan Boyko, who have a passion for scientific research and a lifelong love for dogs. Starting with their best-in-class canine DNA test, Embark is building a powerful platform for scientific discovery that will accelerate advancements in personalized dog care. Embark's Dog DNA Test — the most accurate, highest-rated on the market — helps pet owners learn about their dog's breed, health, ancestry, and more. By using Embark's products, customers can fuel new research and help all dogs (and ultimately humans) lead longer, healthier lives. Embark is an official research partner of Cornell University College of Veterinary Medicine.
Embark is the official dog DNA test of the Westminster Kennel Club Dog Show.
For further information, visit Embark's website at Embarkvet.com, or follow Embark on Facebook, Twitter, and Instagram.
*According to PitchBook Data, Inc.
**As of the date of this press release, SoftBank Group Corp. has made capital contributions to allow investments by SoftBank Vision Fund 2 ("SVF 2") in certain portfolio companies. The information included herein is made for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy limited partnership interests in any fund, including SVF 2. SVF 2 has yet to have an external close, and any potential third-party investors shall receive additional information related to any SVF 2 investments prior to closing.
SOURCE Embark Vet
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