8-Clinic Chain Gets $170 Million Investment
Bond Vet, with financial backing from Warburg Pincus, looks to expand beyond New York.
Bond Vet, which operates eight clinics in the New York City area, has received a $170 million investment from private equity giant Warburg Pincus to fund further expansion.
The financing came nearly a year after a private investment firm, Talisman Capital Partners, provided $17 million to Bond Vet.
“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,” said Bond Vet co-founder and CEO Mo Punjani.
“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.”
Bond Vet’s general practices — seven in New York City and one on Long Island — have seen more than 40,000 pets since the first clinic opened in June 2019.
Earlier this year, the company launched the Nurse Elevation Program, which pays veterinary technicians up to $42 an hour.
Warburg Pincus acquired pet health insurance provider Petplan in October 2019.
“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,” said TJ Carella, managing director of Warburg Pincus. “We look forward to leveraging our experience in multisite health care to expand Bond Vet’s footprint and take advantage of the growing market and increased demand for veterinary services.”
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