Chicago Pacific Founders Pet Fund Announces Exit of CoVetAI Following Acquisition by IDEXX Laboratories

Transaction marks the first realization from the now closed specialist animal health fund's inaugural vehicle

CHICAGO, Sept. 30, 2026 /PRNewswire/ -- Chicago Pacific Founders ("CPF") today announced the exit of its investment in CoVetAI Inc. ("CoVet") following the company's acquisition by IDEXX Laboratories, Inc. (NASDAQ: IDXX). Financial terms were not disclosed.

Transaction Overview

CoVet, developer of an AI-powered clinical scribe and workflow platform for veterinary medicine, was a high-conviction investment aligned with the CPF's focus on category-defining companies in veterinary technology and pet wellness. CPF was the sole institutional investor in CoVet.

IDEXX's acquisition underscores CoVet's strategic relevance within the veterinary diagnostics and practice software ecosystem, and the growing role of AI-enabled clinical tools in companion animal care.

Commentary
"We believe CoVet represents the future of veterinary medicine. In a short time, it has become a valuable tool for veterinarians and clinical support staff around the world, giving them back time to focus on patients. We are proud to have partnered with Yannick, Mike, and the CoVet team from the early stages, and, in our view, IDEXX is the ideal home to carry that mission forward at global scale," said Gina Del Vecchio, Partner of the CPF Pet Fund.

"CPF has been far more than an investor. They have consistently been there with thoughtful advice, honest feedback, and genuine support whenever we needed it. They bring a truly founder-first mindset, operate with integrity, and add value well beyond the capital they invest," said Yannick Bloem, Chief Executive Officer of CoVet.

Portfolio and Market Context
With six portfolio investments to date, the Fund continues to demonstrate the durability of its thesis: operator-led, sector-specialized investing in animal health generates differentiated outcomes. The Fund focuses on companies at the intersection of veterinary innovation, diagnostics, therapeutics, technology-enabled care, and consumer pet innovation — a segment benefiting from a global companion animal market that is currently $288.4 billion. The market has demonstrated resilience through economic cycles for more than three decades and is projected to grow at a CAGR of 8% to reach $560.7 billion by 2034.

About Chicago Pacific Founders
Chicago Pacific Founders ("CPF") is a operator-led strategic private equity and venture firm focused on investing in growth companies within value-based care, healthcare services, AI and tech enabled services, pet health, and caring for aging populations. Additionally, CPF has a vertically integrated Senior Housing strategy and a complementary medical office investment strategy that leverages CPF's extensive healthcare industry relationships. CPF's leadership team is made up of former healthcare founders, senior executives, and investment professionals with a passion and track record of building healthcare businesses.  For more information, please visit www.cpfounders.com.

About Chicago Pacific Founders Pet Fund – Off Leash Capital, L.P.
Chicago Pacific Founders Pet Fund – Off Leash Capital, L.P. is the animal health and wellness growth fund of CPF. The Fund partners with founders building companies that help pets live healthier, happier lives, leveraging deep sector experience and an operator-led model to accelerate growth. The Fund closed on September 16, 2026, and is no longer accepting new investors. For more information, visit www.offleashcapital.com.

About CoVet
CoVet is an AI-powered clinical assistant for veterinary professionals. The platform automates medical record documentation and clinical workflows so veterinarians and support staff can spend less time on administrative tasks and more time with patients. CoVet serves practices and enterprise veterinary groups across North America and Europe. For more information, visit www.co.vet

About IDEXX Laboratories
IDEXX Laboratories, Inc. (NASDAQ: IDXX) is a global leader in veterinary diagnostics and information technology solutions that support advanced medical care and operational efficiency for veterinary practices. For more information, visit www.idexx.com.

SOURCE Chicago Pacific Founders