High customer retention, funding and seasoned talent accelerating the scale up of the startup’s digital platform
Digital technology continues to present savvy entrepreneurs with opportunities to introduce innovative business models that have the potential to scale. The three founders of Mixlab, Vinnie Dam, Fred Dijols and Stella Kim, in 2017 believed they could enhance the experience of pet owners when visiting their local veterinarian. They launched a veterinarian-partnered pharmacy platform that assists with the processing of prescriptions and the delivery of products to their customer pet owners.
The founders, knowing the impact of digital technology on a business, built their platform to bring greater efficiency to veterinarians’ operations that contributes to a positive pet owner experience. Their platform offers the use of proactive text-based communication and the management of their free standard next-day delivery available in all 50 states.
Investors, upon seeing the favorable response to the platform, got onboard, providing the startup with $10 million in funding led by Vanterra Ventures, with participation from Lakehouse Ventures. Their commitment was bolstered by a large addressable market in the pet care industry that Mixlab describes as exploding due to rising spending per pet and pet ownership.
Referencing outside sources, Mixlab noted in a recent press statement that the global pet care industry valued at $235B in 2022 is projected to reach $368B by 2030. As a result, the animal healthcare products and services segment is expected to soon surpass treats as the largest segment. The factors driving this includes the rising demand for personalized care, preventative health, and advancements in veterinary medicine.2
Now flush with timely capital, the founding team is advancing its proprietary technology, while expanding its U.S. service footprint. Miami-West Palm Beach is now a third lab location, joining New York City and Los Angeles, enabling same-day delivery to customers.
Upon gaining greater insight from its growing customer base, Mixlab moved to offering branded and generic medications and over-the-counter products—making it a “one-stop shop for all pet health and wellness needs”. This is a significant forward for the company having started as a provider of compounded medications.
CEO Fred Dijols shares what the recent funding means to Mixlab, stating, “This investment further validates our vision for creating a modern best-in-class pet healthcare brand and will allow us to continue expanding our capabilities, provide unmatched customer service, and make a positive impact on the lives of countless pets, pet parents and veterinarians.”
With so much coming together last year, Mixlab sought out seasoned talent, bringing in operations veteran George Koveos as Chief Operating Officer and Libby Loskota as SVP of Sales and Marketing. Koveos, previously as COO of Ro, grew the vertically integrated human healthcare platform to a $5 billion valuation, while Loskota oversaw global marketing at TaskUs, publicly traded on Nasdaq.
Ellis Fried, Vice President of Vanterra Ventures, now on Mixlab’s board of directors, sums up the success equation that led their venture capital firm to back the veterinary pharmacy startup.
“Mixlab is disrupting the pet healthcare industry with its innovative technology platform and commitment to exceptional customer experience. The company’s customer service and retention metrics are exceptional. Mixlab has proven the value of their model and we are thrilled to be a part of their growth journey to become the most trusted healthcare brand for pet parents and veterinarians.”
Sources
1 Fortune Business Insights2 Morgan Stanley. US Pet Care: Welcome to the Petriarchy, March 3, 2021
