MedicAnimal.com Announces £10 million Investment led by Balderton Capital
MedicAnimal.com, the UK’s leading online pet health retailer, has completed a £10 million Series C funding round.
The fundraising, led by major European venture capital firm Balderton Capital, also includes investments by Iris Capital, who led the previous round in October 2010, as well as existing angel investors from Europe, the U.S. and Asia. Mark Evans of Balderton Capital will join Alexander Wiedmer of Iris Capital, Cesar Mascaraque, former Managing Director for Europe at IAC/InterActiveCorp, and MedicAnimal.com founders Ivan Retzignac and Andrew Bucher on the board.
This latest investment allows MedicAnimal.com to hire new talent, strengthen its UK leadership position in online pet retailing and further expand into continental European markets.
Launched in October 2007, MedicAnimal.com is an online retailer of pet supplies, including food, supplements, medicines and accessories with a particular focus on veterinary diets, prescription and non-prescription medicines, and premium-quality products. MedicAnimal.com is registered both as a veterinary dispensary as well as a pharmacy in the UK and offers clients free advice from its in-house team of veterinarians and pharmacists via live chat, email or phone. The site also publishes news and advice related to general animal care and health issues. MedicAnimal.com is the UK’s largest pet health e-tailer, with revenue growth rates exceeding 150% per year since inception.
Andrew Bucher, co-founder, chief veterinarian and COO of MedicAnimal.com commented: “We were frustrated by the lack of education, accessibility and affordability of preventative and chronic health treatments - pets were suffering as a result. As a vet I was only able to improve the health of pets under my supervision but MedicAnimal.com offers a platform for improving pet care on a much larger scale.”
Ivan Retzignac, co-founder and CEO of MedicAnimal.com added: “At the core of our company is a simple mission to positively impact the welfare of all animals and to make life easier for pet owners. Often this means shattering the perception that proper diets and health treatments are expensive or inconvenient.”
“MedicAnimal.com continues to show that it can marry the business and growth opportunity afforded by e-commerce, with the noble purpose of benefiting pets by increasing treatment compliance and accessibility,” said Alex Wiedmer, Partner of Iris Capital. “We continue to buy into this vision, and are delighted Balderton joined us as investors in this great company.”
Mark Evans, a Partner at Balderton Capital, commented: “We’ve been hugely impressed by the MedicAnimal.com team and the superb service they provide to people that want the very best for their pets and animals. We see masses of potential in this sector and we’re thrilled to be on board”.
Post the £10m investment, the team remain focused on expanding their customer base and building their operations across Europe.