Warburg Pincus makes USD170m investment in Bond Vet
Bond Vet, a design-forward, tech-enabled brand of veterinary care clinics in New York, has secured a USD170 million investment from growth investor Warburg Pincus.
The funding will be used to expand Bond Vet's footprint and invest in equipment, training, culture and technology to further improve the clinical experience for veterinarians, pets and pet parents alike.
Bond Vet offers a highly flexible, convenient experience for veterinary care, with clinics providing a wide range of appointment options including pre-scheduled appointments, walk-in visits, and telehealth. Its breadth of services spans from wellness checkups and traditional GP offerings to urgent care, such as wound treatment, GI issues and mass removals. Since its inception in June of 2019, Bond Vet has treated more than 40,000 pets in the New York City area.
"The increase in pet ownership, accelerated by the rise of adoptions and need for care during the pandemic has demonstrated an enormous opportunity to improve veterinary services, especially in urgent and emergent cases for pets," says Mo Punjani, Co-Founder and CEO of Bond Vet. "Bond Vet meets the demand for a high-quality, convenient experience for pet care, supported by our best-in-class technology and standards for medical excellence. The new partnership with Warburg Pincus and the continuing support of our initial capital provider Talisman Capital, will help accelerate our growth and enable us to provide the best experience for our pets, pet parents and our veterinarians in New York and beyond."
"There is tremendous opportunity ahead, and we are well positioned to change the face of veterinary medicine as we know it. Our goal is to work hard to elevate the industry, and to create the most supportive work environment for our care providers, including our outstanding team of veterinarians, veterinary nurses, veterinary assistants and care coordinators," adds Dr Zay Satchu, Co-Founder and Chief Veterinary Officer of Bond Vet.
Warburg Pincus is a leading investor in healthcare and technology, investing over USD12 billion and USD24 billion into healthcare and technology companies, respectively. The firm is an experienced investor in urgent care platforms, including being a majority investor in Summit Health/CityMD. Other notable investments include Alignment Healthcare, Experity, Intelligent Medical Objects, Modernising Medicine, PetPlan, Qualifacts, Quantum Health, and WebPT. Bond Vet's mission and differentiators fit well into the Warburg Pincus portfolio.
"Bond Vet offers a highly differentiated value proposition, focusing equally on the experience of the pet parent, the veterinary clinician, and pets through its convenient locations, smart design, and tech-enabled platform. We look forward to leveraging our experience in multi-site healthcare to expand Bond Vet's footprint and take advantage of the growing market and increased demand for veterinary services," says TJ Carella, Managing Director and Head of Healthcare, Warburg Pincus.
"As one of the fastest growing platforms in veterinary services, we are excited to partner with Mo, Zay, Lukas and the Bond Vet and the Talisman teams to scale the company across New York and the country," adds Pranav Verma, Vice President, Warburg Pincus.