The global pandemic showed most of us how easy it was to get items delivered to our homes, and that expanded into anything we needed for our pets, too.
And as more pets find homes, with it grows the global pet care industry, now expected to reach $368 billion by 2030, and so grows the need for more veterinary services.
Dozens of companies are infusing technology into the care aspect — for example, Airvet, Digitail, The Vets and Dutch — while Mixlab is working on the pharmacy side offering pet prescription and wellness solutions.
Today, Mixlab announced $10 million in additional funding to meet some of that demand. Vanterra Ventures led the round and was joined by Lakehouse Ventures. Ellis Fried, vice president of Vanterra Ventures, is joining Mixlab’s board of directors as part of the investment. In total, Mixlab has raised $40 million, Fred Dijols, company founder and CEO, told TechCrunch.
We profiled the company in 2021 when it raised $20 million in Series A funding. Its proprietary technology was designed to help veterinarians digitally write and manage prescriptions, while giving pet owners proactive text-based communication on the status of those prescriptions and free next-day delivery in all 50 states.
Two years ago, the company was operating in New York and Los Angeles, and has since amassed thousands of veterinarian and pet owner customers. Among that are 2,000 clinics that are active users of Mixlab, said Libby Loskota, the company’s senior vice president of sales and market.
In the last year, Mixlab’s sales grew 50% year over year, and it brought on Loskota, who previously led TaskUs’ global marketing, and former Ro chief operating officer George Koveos as its new COO.
The new investment, an extension of those Series A dollars, enables the company to open another location in the Miami area. In addition, while Mixlab started as a compounding pharmacy, it has expanded into new product offerings, including branded and generic medications and over-the-counter products catered to pet health and wellness.
Dijols also intends to deploy the new funding into operations and product offering expansion, technology development and to reach profitability, which he said is near.
“On the sales and marketing side, we’ve got a playbook that works on the operation side, and we know how to create a new facility and contribution margins,” Dijols told TechCrunch. “On the technology side, now we have a way for veterinarians to make revenue and an API, so all of that is coming into place. Now we’re at a point where we can finally put capital to work to enhance our technology platform and continue to create features for veterinarians and pet parents.”