Modern Animal Raises $75.5 Million To Reimagine Veterinary Care

LOS ANGELES, July 30, 2021 /PRNewswire/ -- Modern Animal, a new kind of veterinary company, today announced $75.5 million in funding. The company is completely reimagining the veterinary experience for both pet owners and veterinary professionals.

Modern Animal is announcing $75.5M in new funding over the past year - a $35.5M Series A led by True Ventures and Addition and a $40M Series B led by Founders Fund, who also led the company's Seed round in 2019. All three firms plus existing investor, Upfront Ventures, participated in both rounds. The capital will be used for rapid expansion, as well as continued development of the Modern Animal platform.

As part of the raise, Modern Animal has added two new board members: Tony Conrad, partner at True Ventures, and Karen Boone, former CFO of Restoration Hardware and current board member of Peloton, Sonos, and Rivian. David Bowman, partner at Atmosphere and former COO/CFO of Blue Bottle Coffee, joined the board in 2020. These new board members boast a wealth of experience in massively and strategically scaling multi-site, box-based businesses.

Pet ownership has skyrocketed during the COVID-19 pandemic; nearly half (49 percent) of Americans added a pet to their family in the last year.¹ This trend is especially true for millennials: a recent study shows that 76 percent of 20-38 year olds now have a pet. With warm inviting clinics, an easy to use app, and 24/7 virtual care, Modern Animal is well-positioned to serve this new generation of pet parents.

"Since we opened our doors just over a year ago, we have had the honor of taking care of thousands of pets from across Los Angeles at both our West Hollywood clinic and virtually," said Steven Eidelman, founder and CEO of Modern Animal. "Our goal is to build a better, more sustainable career for veterinary professionals and a better, more human experience for pets and their owners by examining every nook and cranny of the industry and fixing any problem we can find."

At its core, Modern Animal is focused on two things: improving the experience of both the pet owner and the veterinary professional. Improving the pet owner's experience, though certainly not without its challenges, is a relatively straightforward task: better designed clinics, better technology, and better communication. In short, Modern Animal is making many, many small improvements, aimed at producing a meaningfully different relationship with one's veterinarian both in-person and virtually.

Reimagining the experience for the veterinary professional is more challenging, as Modern Animal endeavors to rebuild an industry that, not for lack of love, is a bit broken. While the broader pet market is booming and private equity-backed consolidators clamor to buy existing clinics at ever-increasing prices, there are real challenges for those working in the veterinary profession. Stressful work environments, communication issues, archaic technology, massive debt loads, and burnout have become commonplace. Modern Animal intends to systematically address all of these issues with the goal of making the profession both sustainable and joyful.

"This team has invented not only the digital experience for veterinary care but also a new model of work for the people who care for our pets," said Tony Conrad, partner at True Ventures. "For pet owners, what was once a fragmented experience is now beautifully streamlined, turnkey, and pleasant. They can consult with vets 24/7 for their pets on the Modern Animal app. On the flip side, veterinarians are empowered with Modern Animal's technology to provide world-class service. For them, it's less admin work, more meaningful work, and ultimately better care for pets, whether they're offering care at one of Modern Animal's in-person clinics or through remote consultations on the app."

"The expectations of pet owners for high-quality care continues to increase as pets are treated as true members of the family," said Lee Fixel, founder of Addition. "Modern Animal is building an enduring business that will fundamentally change the veterinary industry through thoughtful and innovative care. We couldn't be more excited to partner with Steven and his team on this journey."

About Modern Animal

Modern Animal's mission is to better the lives of animals by building a place that's better for all of us who love them. The company currently has a single flagship clinic located in West Hollywood with additional locations opening in Pasadena, Studio City, and Playa Vista through the end of 2021. For more information on career opportunities, please visit: careers.modernanimal.com.

¹ Rover.com

SOURCE Modern Animal

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