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Vetsource Completes $50M Series D Funding

2018-06-05
PORTLAND, OR, Vetsource announced that it has closed a $50 million Series D private financing round.
Vetsource, a technology-enabled healthcare services company with a platform designed to empower veterinarians to deliver better care to their patients, announced that it has closed a $50 million Series D private financing round. The round was led by Bain Capital Ventures, the venture capital affiliate of Bain Capital. Vetsource will leverage this strategic investment to bring additional innovative solutions to the veterinary profession to help their customers run a better business, deliver better care, and enhance overall client experience. This increased investment in marketing and technology solutions will drive better medical and financial outcomes for veterinarians and their pet parents.

Vetsource provides a powerful suite of technology enabled tools designed to improve compliance, enhance veterinary-client relationships and increase revenue for thousands of veterinary practices across the country. With over 8,100 companion animal and equine practices contracted to use the services, the Vetsource platform is the leading digital prescribing and veterinary pharmacy services provider across the United States. Vetsource-enabled veterinary practices are equipped to deliver quality medications, over-the-counter healthcare products, and pet foods sourced directly from manufacturers to clients' front doors.

"We are excited to bring a partner like Bain Capital Ventures into the Vetsource business. They share our commitment to empowering veterinarians to leverage innovative technologies and the wealth of patient data on hand to enhance the way they care for their patients as well as drive greater efficiencies at their busy veterinary practices. We look forward to combining the firm's 30-plus years of experience and unmatched global network with the deep industry expertise that has helped shape Vetsource to date as we aim to take the business to the next level," said Kurt Green, President and CEO of Vetsource.

Founded in 2005, Vetsource has worked closely with all major players in the industry to develop a platform that today is marketed by leading veterinary distributors and relied upon by the largest hospital systems and buying groups. Additionally, Vetsource is strategically partnered with all major pharmaceutical and therapeutic diet manufacturers, as well as exclusively with two of the nation's leading compounders, Rood & Riddle Veterinary Pharmacy and Wedgewood Pharmacy. Vetsource's patented ScriptRight ePrescribing tool enables veterinarians in all 50 U.S. states to improve pet care and practice efficiency through its suite of offerings driven by prescription management, pet-owner marketing, and data analytics capabilities.

"Vetsource has made a tremendous impact on veterinary practices and pet care, and we are excited to support the team in expanding the reach of its core business and complementary SaaS capabilities," said Yumin Choi, Managing Director at Bain Capital Ventures. "With its innovative business model, unique partnerships across the industry, and strong management team, we believe Vetsource will continue to cement its market leadership and drive massive positive change in the veterinary industry."

J.P. Morgan served as the sole placement agent for this offering of primary funds to new investors. Vetsource's existing investors include VCA Animal Hospitals, Patterson Animal Health, and MWI Animal Health (AmerisourceBergen).

About Vetsource
Vetsource is a healthcare information technology company that provides veterinary practices with a cloud-based technology layer from which it deploys practice enhancing software and services for veterinarians. Fully integrated with practice management systems, Vetsource provides essential B2B2C digital, marketing, and data services, generating meaningful clinical and financial results for manufacturers, veterinarians, and pet parents. Currently, Vetsource provides prescription management services to over 17,000 veterinary practices in the United States with over 8,100 practices contracted with the company to deliver pet medications and therapeutic diets to homes on behalf of the veterinarian. Vetsource's programs, including AutoShip, RemindMe, ScriptShare, compounding, and TeleVet help improve compliance, enhance veterinary-client relationships, and increase revenue for veterinary practices.
http://www.vetsource.com

About Bain Capital Ventures
Bain Capital Ventures partners with disruptive founders to accelerate their ideas to market. The firm invests from seed to growth in enterprise software, infrastructure software, healthcare, and industries being transformed by data. Bain Capital Ventures has helped launch and commercialize more than 200 companies since 1984, including DocuSign, Jet.com, Kiva Systems, LinkedIn, Rapid7, SurveyMonkey, Taleo, and TellApart. Healthcare investments include Ability Networks, AbleTo, Doc Halo, Humedica, Liazon, Liberty Dialysis, MedeAnalytics, MedHOK, MinuteClinic, and Sansoro Health. Bain Capital Ventures has approximately $3.8 billion of assets under management with offices in San Francisco, Palo Alto, New York, and Boston. Follow the firm via LinkedIn or Twitter.
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