Mixlab Raises $20M to Transform the Pet Health Experience With a Modern Pet Pharmacy Platform
NEW YORK, Aug. 2, 2021 /PRNewswire/ -- Mixlab, the best-in-class pet pharmacy partner to veterinarians, today announced a $20M investment led by Sonoma Brands, with participation from Global Founders Capital, Monogram Capital, Lakehouse Ventures, Brand Foundry and others. Keith Levy, Operating Partner at Sonoma Brands and former President of pet food manufacturer Royal Canin USA, will join Mixlab's board of directors.
The Pet Care industry is rapidly growing and projected to reach $275B by 2030¹, with veterinarians at the center of it. More people adopted animals amid the pandemic, leading to a spike in in-person visits and an increase in the overall number of patients under veterinarians' care. Pet parents also increasingly see pets as core members of the family: 37% of people would take on debt to pay for a pet's medical expenses and 29% would put a pet's needs before their own.²
These trends are contributing to a challenging climate of constant evolution for veterinarians. Robust new demand and higher pet parent expectations further exposed the industry's need for modern solutions to help them including a digital service to manage the home delivery of medications, across branded, generic, compounded, and over-the-counter medications as well as to reduce their on-site pharmacy inventories. Mixlab's proprietary technology allows veterinarians to write prescriptions in seconds, track progress and therapy compliance. The platform speeds up their workflow to allow them more time throughout the day to focus on providing the best patient care possible, in turn deepening their connection to their patients and pet parents.
For pet parents who both list illness as their top pet-related stressor and prioritize wellness over cost, current medication delivery options leave them waiting in the lurch for up to a week. This is in stark contrast to the human experience of receiving medications within just a few hours of receiving a prescription.
Mixlab removes the waiting and exceeds pet parents' expectations with an entirely delightful experience. As soon as a script is sent, Mixlab contacts the parent via text to schedule same or next-day delivery. Pet parents enjoy a seamless experience with real-time updates and reminders about their pets' prescriptions and refills. Medication provided by Mixlab is accompanied by a personalized care package, with a note from the pharmacist, clear and easy to read instructions and a new toy with every order. This ultimately leads to significantly improved compliance and quality of care at home.
"I've worked in consumer brands my entire career, and the customer experience Mixlab provides is unprecedented," said Josh Resnick, co-founder of Sugarfina. "The beauty of the box itself, the funny jokes and toys for the pets, and simple graphical instructions for how to administer the medication not only impressed me, but drove me to invest in the company."
"Even for routine appointments every pet parent is already in a heightened state of concern and vulnerability since they can't communicate with their companions in the same way they do with other family members," said Fred Dijols, CEO and co-founder of Mixlab. "That's why we're furthering our commitment to delivering the best personalized care to pets, in the fastest and most joyful way by leveraging this fundraise to enhance our technology offering and expand our operations to provide same-day delivery across new geographies beyond NYC and LA. "
"Mixlab's simple ordering website makes it so easy for my team to get our compounded or commercial medications to our clients as soon as the same day, which has made them our go-to pharmacy for more than 3 years," said Andrea Y. Tu, DVM at Behavior Vets NYC. "Mixlab is truly our ideal partner in ensuring our patients and pet parents receive the medical care and support they seek."
"Digital-based entrants into the human pharmacy space are indicative of an expectation of fast delivery and great service, and pet parents want the same experience for their beloved companions," said Keith Levy, operating partner at Sonoma. "As illustrated by the rave reviews received, Mixlab has the potential to fill that consumer demand while at the same time guaranteeing that the process is managed end-to-end by their trusted vet, which creates the winning recipe."
About Sonoma Brands
Sonoma Brands is a private equity firm focused on the growth sectors of the consumer economy. Sonoma Brands partners with bold, innovative founders on their way to building the world's next enduring brands across the physical and digital landscape.
Mixlab is the modern, best-in-class pet pharmacy, based in New York and Los Angeles, that partners with veterinarians to make their jobs easier and deliver the highest level of care to pet parents. Mixlab is digitally transforming the veterinarian-led prescription medication process while delivering a superior customer experience for pet parents. Founded in 2017, the company was built upon three core values — #makeithappen, #dowhatsright and #mixedwithlove. The Mixlab team does everything that it takes to deliver the best personalized care to pets, in the fastest and most joyful way possible. Mixlab has financial backing from Sonoma Brands, Global Founders Capital, Monogram Capital, Lakehouse Ventures, Brand Foundry, and others. Read more about Mixlab at www.mixlabrx.com.
¹ and ²: Morgan Stanley. US Pet Care: Welcome to the Petriarchy, March 3, 2021
Amy Janzen or Gina Papini
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