Online Veterinary Pharmacy Receives $50 Million in Financing

The recent round of funding will enable Vetsource to provide stronger marketing and technology solutions to its clients.
VMD Staff
Published: June 05, 2018
Vetsource logoVetsource, an Oregon-based online veterinary pharmacy, announced today that it has closed a $50 million private financing round. The Series D round was led by Bain Capital Ventures, which partners with founders in enterprise software, infrastructure software, health care and industries being transformed by data.

Founded in 2005, Vetsource provides veterinarians with the ability to deliver medications, over-the-counter health care products and pet foods from manufacturers directly to their clients’ homes. According to the company, the new funding will be used to fuel marketing and technology solutions that will provide better medical and financial outcomes for veterinarians and their clients.

“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 [software as a service] 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.”

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 clients’ homes. Last year, the company made its debut on the Inc. 5000 list as one of the fastest-growing private companies in the United States.

"We are excited to bring a partner like Bain Capital Ventures into the Vetsource business,” said Kurt Green, president and CEO of Vetsource. “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.”

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