News Summary
Small Door Veterinary, a NoMad-based startup, has raised $55 million in equity and debt financing to expand its innovative membership-based pet care model. With a focus on quality pet care and a customer-centric approach, the company aims to grow its presence in New York and beyond. The recent funding includes a significant $35 million investment from Valspring Capital and a $20 million loan from Bridge Bank, positioning the company for further success in the competitive pet care sector.
New York City – Small Door Veterinary, a startup based in NoMad, has successfully raised $55 million in equity and debt financing to fuel its growth and expand its innovative membership-based pet care model. The financing round includes a significant $35 million investment led by Valspring Capital, based in Boston, alongside a $20 million loan from Bridge Bank.
Founded in 2019, Small Door Veterinary has rapidly grown as a response to the heightened demand for quality pet care that surged following the pandemic lockdown. The company specializes in providing primary care tailored to pets and operates through a membership model that offers various benefits, including general practice services, 24/7 medical consultations, annual exams, and discounts on future visits. The current annual membership fee stands at $149. Additionally, in response to customer preferences, Small Door has recently introduced a ‘pay-as-you-go’ option alongside its standard membership model.
All of Small Door’s clinic locations are thoughtfully constructed with a focus on enhancing customer experience through features such as online booking and standardized record-keeping. The company currently operates six locations throughout New York City, with the latest practice having opened in Park Slope, Brooklyn. To maintain competitive advantage, Small Door positions itself within the boutique veterinary sector, rivaling well-funded startups like Bond Vet, which has secured $243 million since its inception in 2017. However, Small Door considers larger veterinary aggregators such as National Veterinary Associates and VCA Animal Hospitals to be its primary competitors.
Small Door is currently focused on expanding its presence within its existing markets, including New York, Boston, and Washington, D.C., and is contemplating branching out into a fourth city post-2027. The company aims to achieve accreditation from the American Animal Hospital Association (AAHA) for all its clinics, a status held by only 15% of veterinary practices across the United States. This accreditation highlights the company’s commitment to meeting high standards of veterinary care.
The design of Small Door clinics emphasizes creating a comfortable and welcoming environment for pets, supported by insights from animal scientists who have helped in optimizing the layout and overall facility design. This approach reflects the company’s broader goal to enhance the pet care experience, further solidifying its strong member retention rates and focus on achieving sound economic models leading to profitability.
In addition to its ambitious growth plans, Small Door Veterinary is notable for being one of the first veterinary care companies to earn certification as a B Corporation. This distinction signifies the company’s dedication to ethical business practices and sustainability, aligning with the increasing consumer trend towards environmentally responsible services.
Co-founder and CEO Florent Peyre, who brings a background as a former software developer, emphasizes the importance of modernizing practices within the veterinary industry to better meet the needs of pet owners today. Small Door Veterinary’s unique approach combines quality care with a forward-thinking business model, addressing both the evolving landscape of pet care and the expectations of pet owners.
As demand for comprehensive veterinary services continues to grow, Small Door’s funding and innovative strategies position it well for future expansion and continued success in the competitive market of pet care.
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Additional Resources
- My Vet Candy: Small Door Veterinary Expands NYC Footprint
- Wikipedia: Veterinary Medicine
- Crain’s New York: Small Door Veterinary Raises Membership Clinics
- Google Search: Small Door Veterinary
- Business Wire: Small Door Veterinary Raises $55 Million
- Encyclopedia Britannica: Pet
- AlleyWatch: Small Door Membership Veterinary Care
- Google News: Pet Care Trends
- DVM 360: Adopting Subscription Models in Veterinary Practices
