Venture Beyond
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Venture Beyond

White Star Capital leads Petfolk’s Series A to accelerate the veterinary revolution

Dr Audrey Wystrach & one of Petfolk’s mobile care units

By Eric Martineau-Fortin, Managing Partner, Karolina Mrozkova, Principal, Spencer Henry, Associate

Pet ownership has grown rapidly in the US, fueled in recent years by the acceleration of pet ownership during the Covid-19 pandemic.

Today, over 65% of Americans own or share responsibility for a pet, spending on average over $1,000 per year on pet services and products. This presents a huge market opportunity for pet care in North America, valued at over $110bn and growing at 3.5% CAGR, according to Graphical Research.

A new generation of tech-savvy pet owners, the largest cohort being millennials who own at least one pet (31% of owners), is dramatically reshaping the future of what pet healthcare should and will look like. Millennials have radically different expectations and consumption patterns from previous generations. They tend to view their pets, in many cases, as an extension of their family, having a strong influence on key lifestyle and financial decisions.

Yet, veterinary care is stuck in the analogue age, with outdated systems and customer care that fails to make the most of today’s technology.

This is where Petfolk comes in.

Founded by Co-CEOs Dr Audrey Wystrach and her brother, second-time founder Michael Wystrach, and CTO Oren Benvenisti, Petfolk offers a new breed of veterinary care that is transforming the fragmented, understaffed veterinary industry by providing modern, accessible, and professional pet care facilities accompanied by proprietary technology and a seamless platform for consumers. Together, Michael and Audrey form an exceptional team of proven leaders, combining the experience of building and scaling billion-dollar businesses with over 25 years of clinical experience.

Co-CEOs Michael Wystrach (L) & Dr Audrey Wystrach (R)

At White Star Capital we’re focused on backing outstanding founders and it’s with great pleasure that we’re now working with Michael and many of the Freshly team members once more to build another impactful business.

Having only launched in 2020, Petfolk has expanded rapidly with practices across North Carolina, Georgia and Florida. The company now expects to care for over 40,000 pets this year alone, representing a 5,000% year-on-year growth. Petfolk’s world-class service and tech-enabled offerings, from scheduled on-site appointments in a serene, stress-free designed space, to telehealth and mobile pet care access make it easier for pet owners and veterinarians to be seen and heard.

The company will also soon be launching its new 24/7 virtual care service, a revolutionary offering that will allow pet parents access to expert advice and veterinarians; anytime, from anywhere. The brand champions that with the right technology, tools and knowledge, pet parents will be empowered to make the best decisions for their canines and felines.

We’re thrilled to be leading Petfolk’s $43m Series A alongside Michael Wystrach, to help the Company expand its offering of a better-connected community for today’s vets, pets, and the owners that love them. We are delighted to be joined in this round by other fantastic investors such as Idea Farm Ventures, TriplePoint Capital, and celebrity animal lovers Miranda Lambert, Dierks Bentley, Midland’s Mark Wystrach and Cameron Duddy, Jimmie Johnson, Erik Jones, and Danica Patrick.

You can read more about the round from Business Insider here.

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White Star Capital

White Star Capital

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White Star Capital is an international venture and early growth-stage investment platform in technology. We partner with founders who aspire to scale globally.