Why I Invested: Danica Patrick on Investing in Pet Care Startup Petfolk

Since the beginning of the pandemic, the health sector has experienced a drastic shortage of qualified professionals. And while much of the attention has been on doctors and nurses, there is also a growing shortage of veterinarians, and that shortage is should get worse over the next decade.

Petfolk, formerly One Vet, aims to stop the bleeding and reshape the entire pet care industry as a new type of veterinary practice with a number of programs and services aimed at relieving exhaustion. professionals among veterinarians and to foster healthier work environments for all. This includes removing non-competition and performance-based pay for vets, pay equity, and flextime.

The company recently raised $40 million in a Series A funding round led by White Star Capital and Michael Wystrach, founder of Freshly. Other investors include a number of animal-loving celebrities, such as Miranda Lambert, Dierks Bentley and Danica Patrick.

Patrick, the most successful woman in American open-wheel motor racing history, recently shared more with Fortune of its decision to invest in the company.

  • start: petfolk
  • Location: Charlotte, North Carolina
  • Year of foundation: 2019
  • Evaluation: Refused to disclose
  • Investment level: Series A
  • Number of employees: 120
  • Other major investors: White Star Capital, Michael Wystrach, Triple Point Capital, Miranda Lambert, Dierks Bentley, Mark Wystrach and Cameron Duddy of Midland, Jimmie Johnson, Erik Jones, Ty Haney (founder of Outdoor Voices and TYB.XYZ), Trina Spear and Heather Hasson (co-founders of Figs Scrubs), Carter Comstock and Alberto Lopez Toledo (co-founders of Freshly), Matt Lombardi and Kevin Moran (co-founders of Beam), David Nolan and Kevin Glynn (co-founders of Butternut Box), Mayur Gupta (CMO of Krayken), Bob Davis (founder of Lycos), Jason Finger and Billy Libby (co-founders of Upper90), Mark Cushing (founder of Animal Policy Group), Chris Kelly (founder of Antelligence), Arthur Rubinfield (founder of Airvision) and Seth Waugh (CEO of PGA of America)
Dr. Audrey Wystrach, co-founder and co-CEO of Petfolk, at one of the pet care company’s North Carolina locations.

Courtesy of Petfolk

Why she invested, in her own words

I have two dogs, Ella and Dallas, so anything pet related intrigues me. It misses you how fast they grow, and any dog ​​parent knows that quality care is the foundation to giving your pup a happy, healthy life. [Dr. Audrey Wystrach] and the Petfolk team truly cares for them with a level of compassion and expertise that is quite hard to find. It also made my life a lot easier.

As someone who travels often, I love the idea of ​​being able to live anywhere with my puppies and having their records readily available at different Petfolk locations. Their integrated telehealth option is also a lifesaver for any late-night mishaps.

From a business perspective, Petfolk relies on proprietary technology to make taking care of your pet seamless and easy, allowing the business to scale quickly and profitably.

On the consumer side, their pricing structure is transparent, allowing them to easily reduce the footprint compared to standard veterinary practices. I keep factors like this in mind with most companies I work with. Beyond personal passion, how does the company fit into the wider industry, does it do innovative work, is it a service that many will find useful? Petfolk ticks all of these boxes.

This is an episode of Why I Invested, a series featuring famous investors from all different backgrounds and industries, revealing what inspired them to invest their own money in a new venture.