FirstVet

For years, pet owners have struggled to access timely and reliable veterinary care without the stress, expense, and delays of conventional veterinary clinics. Tech users, and most of us, want their vet care to be timely and seamless which is why accessing care remotely, from experts, is so important!

FirstVet, founded in 2016 by CEO David Prien in Stockholm, is leading the charge with a digital veterinary consultation platform, enabling pet owners to video consult with licensed veterinarians and transforming pet healthcare delivery across Europe and North America. Through its user-friendly app, FirstVet enables pet parents to video consult certified veterinarians for non-emergency medical issues ranging from minor skin conditions, digestive issues, and behavioral inquiries. The service is available 24/7 to provide timely vet advice for pet owners without needing to go to the clinic. After the video consultation is completed, users receive a summary of what they discussed and any recommendations via email. In addition to video consultations, they provide other services in select markets, including pet shops, pharmacies, and access to purchase recommended products and medications that a professional has vetted. The company has partnered with over 60 major insurance companies globally, including Nationwide in the US, for no additional cost to over 5 million insured pets. FirstVet is partnered with 400 veterinarians and nurses on the platform in addition to being able to provide a flexible and effective working role in an industry that often suffers under staff shortages.

The firm has experienced substantial financial growth since its founding. In June 2024, the company had a successful closing of a €20 million Series C financing round. The round was led by TELUS Global Ventures and supported by previous investors OMERS Ventures, Mubadala Capital, and Cathay Innovation. This funding aims to build on their growth in North America and support product development with new partnerships. To date, FirstVet has raised a total of approximately $83.5 million in six rounds of funding from 11 investors. As of 2023, the company is estimated to have generated annual revenues of between $10 million and $50 million and an enterprise value of €159 million. While no one is necessarily going to publicly post profit figures, the predictive model emerging from the company's planned financial progression indicates an approach to long-term scale and sustainable financial growth.

FirstVet follows a hybrid revenue model which includes direct consultation fees, subscription packages, and insurance partnerships. In markets that do not have insurance, users are able to pay a flat fee for each consultation, typically between €20 and €35 depending on the market. In several European markets and in the U.S., the firm has established relationships with some of the leading insurance providers allowing the paid consultation to be at no charge to millions of insured pet owners. This improves access to care and also provides a reliable stream of utilization. In some markets, the company has also tested subscription plans with unlimited or discounted consultations to support its revenues. 

FirstVet is a growing evolving digital veterinary service provider that operates in Sweden, Norway, Denmark, Finland, the United Kingdom, Germany, and the United States and is preparing to expand into Canada and France. The firm has a global team of around 187 employees, made up of 100 staff members and 400 veterinarians and nurses. It is headquartered in Stockholm, Sweden, with offices in Munich, New York, Copenhagen, Oslo, Helsinki, and London. FirstVet has built a leading position in the digital veterinary market with many differentiators including clinical professionalism, an early mover advantage in Europe, insurance integration, a simple user interface, and an evidence-based veterinary approach. The digital veterinary space continues to grow rapidly but so do market competitors. The comparative organizations include Airvet, Vetster, TeleTails, Pawp, and Vetchat. The telehealth veterinary comparative organization offerings vary from instant video access, emergency funds, and even prescription service checks. While competition remains stiff, FirstVet's connection with insurance partners and international geographic presence provides a stronghold in the global market for pet telehealth.

The firm is looking to expand its integration into the pet services space such as diagnostics, prescription delivery, and tracking bloodwork and longitudinal health. The goal is to move FirstVet towards being an all-encompassing digital healthcare services platform for pets. "We want to provide everything we can think of or dream of to empower pet parents with tools and information to take better care of their animals. It is about giving people peace of mind when they need it most," says CEO David Prien. With their vision clearly articulated, an expanding global footprint, and significant financial backing, FirstVet is ready to change the game in pet healthcare. As the platform grows, it is not simply making pet care accessible, but it is changing what that accessibility looks like. By helping consumers find timely veterinary care while correlating their pet insurance with digital convenience, FirstVet is on its way to being the dominant pet health service for today’s pet owner.

Click here to access FirstVet's website.