photo by Michael Miller

Vets First Choice Secures $4 Million in Growth Capital Led by Polaris Venture Partners

 

PORTLAND, Maine, Jun 06, 2012 (BUSINESS WIRE) -- Vets First Choice, the nation's largest online veterinary partner-pharmacy and marketing service provider, announced today that it closed a $4 million financing led by new investor Polaris Venture Partners. Also participating were several existing investors including Borealis Ventures, Harbor Light Capital, David Shaw and Black Point Group.

Earlier this year Vets First Choice acquired VetCentric.com, creating the market leading veterinary partner-pharmacy provider licensed in 50 states and serving more than 6,000 veterinary practices. The new investment will support the company's continued growth and expansion in the veterinary services and home delivery space, a market estimated to exceed $5 billion in the United States.

"Vets First Choice is a fantastic value proposition to veterinary practices and a trusted source for pet owners looking for high quality, convenient veterinary medicines," said Kevin Bitterman, Principal at Polaris Venture Partners. "The company's unique model supports the veterinary community's demand for a personalized approach to prescription fulfillment, high-quality care, and competitive pricing. We expect that Vets First Choice will continue to build on its impressive leadership position in this rapidly growing market and will be a leading source of innovation for the veterinary services industry," added Bitterman.

"We are focused on delivering the highest quality services to our veterinarian practice partners and their pet owner clients across the country," said Vets First Choice CEO Benjamin Shaw. "Polaris's investment, strategic counsel and network of advisors support this mission. We are excited to be adding their depth of knowledge in both technology and consumer services to our team."

Vets First Choice recently launched its next generation online shopping platform to its entire base of veterinary customers and pet owner clients. The company is committed to continued innovation of its suite of products and services to help veterinarians meet the evolving needs of the market and to better compete with internet pharmacies and retailers.

About Vets First Choice

Vets First Choicesm a privately-held company headquartered in Portland, Maine, is a national home delivery provider of FDA- and EPA-approved pharmaceuticals, therapeutic diets and compounded medications to pet owners on behalf of veterinary clinics. Our comprehensive suite of services help veterinary practices improve medical compliance for core products and services, reduce inventory costs, enhance customer services, and promote the Veterinarian-Client-Patient Relationship. Vets First Choice is partnered with more than 6,000 veterinary hospitals to provide a simple, safe, and cost effective method to meet pet owner expectations for convenience, service and competitive prices. Our pharmacy complies with the licensing and inspection requirements of all 50 states and Vet-VIPPS. For more information, please visit www.myvetsfirstchoice.com .

About Polaris Venture Partners

Polaris Venture Partners is a partnership of experienced investors, operating executives and entrepreneurs. The firm's mission is to identify, invest in and partner with seed, early stage and middle-market businesses having exceptional promise, helping them to grow into market-leading companies. Polaris invests in businesses across a number of sectors including technology, consumer services, and life sciences. Past Polaris-backed successes include: Adnexus (acquired by BMS), Advanced Inhalation Research (acquired by Alkermes), Akamai Technologies (AKAM), Allaire (ALLR, acquired by Adobe), Alnylam Pharmaceuticals (ALNY), Asthmatx (acquired by Boston Scientific), Athenix (acquired by Bayer), Glycofi (acquired by Merck), Internet Brands (acquired by Hellman and Friedman), Ironwood (IRWD), LogMeIn (LOGM), Momenta Pharmaceuticals (MNTA), Powersoft (PWRS, acquired by Sybase), Solidworks, and TechTarget (TTGT). Its current portfolio includes notable investments which include: Adimab, Art.com, AscendHealth, Cardlytics, Confluence, e-Rewards, Focus Financial, LegalZoom, LivingProof, and ShoeDazzle. For more on the firm, its mission and its portfolio companies: http://polarisventures.com .

SOURCE: Vets First Choice