The pet pharmacy called Furmacy in El Dorado Hills has closed, just months after the business was acquired by online pet portal and platform Wag Group Co.
San Francisco-based Wag Group (Nasdaq: PET) completed the $430,000 all-stock acquisition of Furmacy Inc. on Oct. 24.
"Furmacy is focused on building best-in-class software for veterinarians to simplify prescriptions for busy family members and that involves a shift from offline to online and expanding our focus from local to national," said a statement emailed from Wag.
Wag announced its planned acquisition of Furmacy in August last year. The deal gave Wag Furmacy's software that allows veterinary clinics to access veterinary pharmacy products online and have them delivered to pet owners' homes or local pharmacies.
Furmacy was co-founded by veterinarian Dr. Georgia Jeremiah. She went through and got some funding from the Y Combinator accelerator in the Bay Area in 2021.
Furmacy's physical store was a pet pharmacy and pet supplies store at 4944 Windplay Drive in El Dorado Hills. A voicemail message for the El Dorado Hills store says the company has decided to close the store indefinitely.
Wag started out in 2015 as a platform for on-demand dog walking. It's since expanded and added capabilities including pet-sitting and boarding services. Last year, Wag acquired Furmacy.com, which was a full-service pet pharmacy.
In the first quarter this year, Wag lost $3.79 million, compared with a loss of $2.35 million in the year-earlier quarter. The company's revenue more than doubled to $20.6 million.
"While we are pleased with our performance this quarter, we recognize the need to balance growth and profitability for the remainder of the year," said Wag CEO Garrett Smallwood in a news release announcing the earnings.
