Bond Vet Announces Growth Investment from Warburg Pincus
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Investment supports company's mission to provide better pet care through next generation veterinary clinics and technology
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NEW YORK, Oct. 11, 2021 /PRNewswire/ -- Bond Vet, a design-forward, tech-enabled brand of veterinary care clinics in New York, today announced a $170 million investment from Warburg Pincus, a leading global growth investor. The funding will be used to expand Bond Vet's footprint and invest in equipment, training, culture and technology to further improve the clinical experience for veterinarians, pets and pet parents alike.
Bond Vet offers a highly flexible, convenient experience for veterinary care, with clinics providing a wide range of appointment options including pre-scheduled appointments, walk-in visits, and telehealth. Its breadth of services spans from wellness checkups and traditional GP offerings to urgent care, such as wound treatment, GI issues and mass removals. Since its inception in June of 2019, Bond Vet has treated more than 40,000 pets in the New York City area.
"The increase in pet ownership, accelerated by the rise of adoptions and need for care during the pandemic has demonstrated an enormous opportunity to improve veterinary services, especially in urgent and emergent cases for pets," said Mo Punjani, Co-Founder and CEO of Bond Vet. "Bond Vet meets the demand for a high-quality, convenient experience for pet care, supported by our best-in-class technology and standards for medical excellence. The new partnership with Warburg Pincus and the continuing support of our initial capital provider Talisman Capital, will help accelerate our growth and enable us to provide the best experience for our pets, pet parents and our veterinarians in New York and beyond."
"There is tremendous opportunity ahead, and we are well positioned to change the face of veterinary medicine as we know it. Our goal is to work hard to elevate the industry, and to create the most supportive work environment for our care providers, including our outstanding team of veterinarians, veterinary nurses, veterinary assistants and care coordinators," added Dr. Zay Satchu, Co-Founder and Chief Veterinary Officer of Bond Vet.
Warburg Pincus is a leading investor in healthcare and technology, investing over $12 billion and $24 billion into healthcare and technology companies, respectively. The firm is an experienced investor in urgent care platforms, including being a majority investor in Summit Health/CityMD. Other notable investments include Alignment Healthcare, Experity, Intelligent Medical Objects, Modernizing Medicine, PetPlan, Qualifacts, Quantum Health, and WebPT. Bond Vet's mission and differentiators fit well into the Warburg Pincus portfolio.
"Bond Vet offers a highly differentiated value proposition, focusing equally on the experience of the pet parent, the veterinary clinician, and pets through its convenient locations, smart design, and tech-enabled platform. We look forward to leveraging our experience in multi-site healthcare to expand Bond Vet's footprint and take advantage of the growing market and increased demand for veterinary services," said TJ Carella, Managing Director and Head of Healthcare, Warburg Pincus. "As one of the fastest growing platforms in veterinary services, we are excited to partner with Mo, Zay, Lukas and the Bond Vet and the Talisman teams to scale the company across New York and the country," added Pranav Verma, Vice President, Warburg Pincus.
About Bond Vet
Bond Vet is a pet health company that's building a new breed of vet clinics to strengthen the human-animal bond through access to better pet care. The company is redefining the veterinary industry through design, technology, service, and culture — think: calm spaces for pets and their humans to feel comfortable, amenities like a "treat yourself" wall and hydration station; a mobile app that makes booking and treatment plans a breeze; immediate + affordable access to veterinary doctors and specialists, and transparent pricing; and a primary focus on the well-being of its care team (suicide and burnout are a growing problem among vets). Bond Vet offers all veterinary services, from routine check-ups to urgent care at its seven locations in New York City and one on Long Island — with more clinics on the way. Bondvet.com
About Warburg Pincus
Warburg Pincus LLC is a leading global growth investor. The firm has more than $67 billion in private equity assets under management. The firm's active portfolio of more than 215 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 20 private equity funds, which have invested more than $97 billion in over 960 companies in more than 40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information please visit www.warburgpincus.com.
About Talisman Capital Partners
Talisman Capital Partners is the private investment company of the Walter family based in Columbus, Ohio. Talisman's perspectives are formed by shared experiences as entrepreneurs and operators, with a proven track record across multiple industries. Talisman has created and managed three "Flagship Businesses" that each grew from less than $1 million of annual earnings to more than $500 million in annual revenue and $1 billion of enterprise value – including Cardinal Health, Sarnova, and inVentiv Health. Talisman partners with businesses to build significant value in attractive and growing industries. For more information please visit www.talismancp.com.
Brooke Goldstein, Bond Vet email@example.com
Sarah Bloom, Warburg Pincus Sarah.firstname.lastname@example.org
Matt Bennett, Talisman Capital Partners email@example.com
SOURCE Bond Vet
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