Petfolk Receives Series C Investment Led by Deerfield Management to Advance the Evolution of Veterinary Care

CHARLOTTE, N.C., Oct. 29, 2024 /PRNewswire/ -- Petfolk, a leading provider of veterinary and urgent care through its network of "connected care" clinics, has received a $36 million Series C investment led by Deerfield Management ("Deerfield"). Existing investors Movendo Capital, White Star Capital, Cutting Horse VC, Idea Farm Ventures, and Parkview International participated in the round.

Petfolk is reshaping veterinary care to bring a best-in-class care experience to pets and pet parents. Through its "connected care" model, Petfolk combines modern facilities with 24/7 app-based virtual care to provide exceptional care that meets the needs of today's modern pet parents who seek both convenience and reliability.

Petfolk is purpose-built to support today's veterinarians through providing support, training, and opportunity through its deep focus on culture and community. Founded and led by Dr. Audrey Wystrach, DVM, Petfolk and its differentiated approach are products of her more than thirty years of experience as a practicing veterinarian. This innovative care model has contributed to Petfolk earning a top five ranking on Newsweek's 2024 list of Global Most Loved Workplaces.

"Since inception, our entire team has been uniquely focused on creating a better experience for everyone involved in the veterinary care journey," said Dr. Wystrach. "As we continue to grow, we are incredibly excited to have Deerfield as an investment partner given their dedicated focus on supporting healthcare companies that drive innovation and excellence in practice."

"Over the next decade, the landscape of veterinary medicine is poised to transform as pet parents seek care that is both high-quality and easily accessible. Veterinarians are also likely to choose to work for organizations that foster culture and support personal development," commented Kevin Berg, Senior Advisor at Deerfield. "Petfolk demonstrates a remarkable commitment to elevating the veterinary profession."

Petfolk currently operates nineteen veterinary clinics across seven markets (Charlotte, Raleigh, Atlanta, Orlando, Dallas, Houston, and San Antonio), with additional new clinics opening in multiple markets, including Miami and Phoenix, in the coming months. By year-end 2025, Petfolk's clinic network is expected to expand to approximately forty clinics across over ten major metro markets.

About Petfolk

At Petfolk, we deliver the best care for your best friends. Built by vets who love pets, we are reimagining the future of veterinary care through our "connected care" model, blending modern de novo facilities with 24/7 app-based virtual care. Our intentional design, operational excellence, and tech-forward approach ensure best-in-class care and an unparalleled customer experience. Since inception, Petfolk has maintained an exceptional Net Promoter Score (NPS) of 90+, making us the most loved veterinary care group in every market we serve. To learn more about Petfolk and its upcoming announcements, please visit www.petfolk.com and follow the company on LinkedIn and Instagram @mypetfolk.

About Deerfield Management

Deerfield is an investment management firm committed to advancing healthcare through investment, information, and philanthropy. The firm works across the healthcare ecosystem to connect people, capital, ideas, and technology in bold, collaborative, and inclusive ways. For more information, please visit www.deerfield.com.

Advisors

Goodwin Procter LLP served as legal advisor to Petfolk and Robinson, Bradshaw & Hinson, P.A. served as legal advisor to Deerfield.

SOURCE Petfolk