A growing veterinary startup that aims to revolutionize its industry has closed on $40 million in a Series B funding round, according to a U.S. Securities and Exchange Commission filing.
Charlotte-based Petfolk began raising the funds July 17, and 15 investors participated in the round, the filing shows.
Petfolk was founded in 2020 by siblings Dr. Audrey Wystrach and Michael Wystrach. It is on a mission to reshape the veterinary medicine industry by providing present-day, accessible and professional pet-care facilities using proprietary technology and a consumer-based data platform. The startup puts an emphasis on transparency to relieve some of the stress that may occur in legacy vet clinics, offering owners access to their pets' records, service costs and details of care provided during appointments.
"I think it's time that the veterinary industry starts to transform and use modern tools to embrace and empower our customers," Audrey Wystrach previously told CBJ. "And I think, in general, I believe that our modern consumer is really going to drive choice ... Pet has taken a whole new definition."
The $40 million capital boost comes after Petfolk closed a $40 million Series A fundraise last year that drew participation from celebrity backers such as country music singer Miranda Lambert. Those funds were used to expand the company's footprint to 20 locations across the Carolinas, Florida, Georgia and Texas.
Petfolk has three clinics open in the Charlotte area, and two more will open in Huntersville and Concord by spring of next year, according to the startup's website.
The company moved into a new headquarters at Camp North End last November to accommodate its local teams and mobile staff traveling throughout the Southeast.
Petfolk has cared for about 40,000 pets as of January 2023. It offers services such as exams, virtual care, vaccinations, urgent care, behavioral training and dental care.
