Looking to capitalize on the increasing number of pets that have found their way into Americans’ homes during the pandemic, online health company PetMed Express, or PetMeds as it’s more commonly known, announced a new collaboration Tuesday (April 19).
PetMeds has partnered with and invested in pet telehealth platform and care marketplace Vetster, giving PetMeds’ more than 2 million pet owners around-the-clock access to virtual pet care and their medications, according to a PetMeds press release.
As part of the agreement, PetMeds is now the exclusive eCommerce provider of Vetster medications, and Vetster is the exclusive provider of telehealth services to PetMeds customers, the release stated.
“PetMeds pioneered the online pet medication business over 26 years ago, and this partnership with Vetster is an important step in establishing PetMeds’ expanded strategy as the go-to expert in pet health,” said PetMed Express CEO and President Matt Hulett in the release. “Simply put, we love Vetster’s business model, their team and their technology, and we are excited for PetMeds’ customers to benefit from Vetster’s amazing telehealth and telemedicine services, available at their fingertips 24/7. We are looking forward to a partnership that improves the lives of pets and pet parents for years to come.”
PetMeds was among the minority investors in Vetster’s recent Series B fundraising round. The company could accrue additional shares through an exercise of warrants for an increased equity stake based on future performance milestones, according to the release.
“We’re very excited about the partnership and investment from PetMeds, which we believe truly represents a win-win for pet parents and their beloved pets, as well as for veterinarians,” said Vetster CEO and Co-Founder Mark Bordo in the release. “Pet parents receive the affordability and convenience of telehealth, pets benefit from world-class healthcare without the stress of a trip to the vet, and veterinarians tap into incremental revenue streams while providing quality care anywhere and anytime.”
In other news, online pet supply retailer Chewy’s fourth-quarter earnings results, announced in late March, presented a mixed bag, with positive metrics related to sales, spending, subscriptions and new commercial ventures amidst a $63 million quarterly loss.
Read more: Chewy Struggles to Turn Record Spending Into Profits, Investors Push Stock to 2-Year Low
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