Mixlab Raises $20M to Revolutionize Pet Pharmacy
Mixlab Revolutionizes Pet Medication Delivery with Digital Platform
A novel digital platform has been created by pet pharmacy Mixlab, empowering veterinarians to prescribe medications and facilitate their delivery to pet owners – often within the same day.
Series A Funding and Company Growth
Based in New York, Mixlab recently secured $20 million in Series A funding, spearheaded by Sonoma Brands, with participation from Global Founders Capital, Monogram Capital, Lakehouse Ventures, and Brand Foundry.
This new investment brings the company’s total funding to $30 million, as stated by co-founder and CEO Fred Dijols.
Founding and Core Principles
Mixlab was co-founded in 2017 by Dijols and Stella Kim, the chief experience officer, with the aim of enhancing the pharmacy experience, prioritizing the veterinarian’s role.
Dijols’ prior experience encompassed medical devices and healthcare investment banking, sparking his interest in the pharmacy sector after observing the innovations of companies like TruePill and PillPack.
Addressing a Gap in Veterinary Pharmacy
He recognized that the veterinary pharmacy landscape lagged behind the advancements in at-home delivery seen in human pharmacies.
A collaboration with Kim, a user experience specialist with family ties to a pharmacy, led to the vision of integrating technology into the veterinary industry.
Prioritizing the Human Element
“Technology enables us to personalize care for the veterinarian, the pet owner, and, most importantly, the pet,” Kim explained. “We understand the importance of customer service, dignity, and empathy in healthcare.”
“Our approach is to use technology to enhance the human connection, rather than replace it.”
Streamlining Veterinary Workflows
Mixlab’s technology offers veterinarians a digital service designed to simplify their medication management processes.
This platform allows for efficient home delivery of branded, generic, and over-the-counter medications, while also reducing the need for extensive on-site pharmacy inventories.
Prescription Management and Compliance
Veterinarians can now generate prescriptions in a matter of seconds and closely monitor medication progress and therapy adherence.
The company also operates a compounding pharmacy, specializing in customized medications with tailored flavors and dosages.
Enhanced Pet Parent Experience
Pet owners benefit from quicker access to medications, eliminating wait times of up to a week and the need for clinic visits.
Medications are delivered in personalized packages, including a pharmacist’s note, clear instructions, and a complimentary toy.
Booming Pet Care Industry
The past year witnessed a surge in pet adoptions, coinciding with increased veterinary visits and a significant expansion of the global pet care industry.
The industry is now projected to reach $343 billion by 2030, a substantial increase from its $208 billion valuation in 2020.
Pet Ownership Trends
Pet owners are increasingly prioritizing their pets’ well-being, with a Morgan Stanley report revealing that 37% would incur debt to cover medical expenses and 29% would prioritize their pet’s needs over their own.
Expansion Plans and Future Growth
To address the growing demand for veterinary care, Mixlab will utilize the new funding to refine its technology and broaden its reach, particularly in areas where same-day delivery is feasible.
Currently serving 47 states, Dijols anticipates achieving nationwide coverage by the year’s end and plans to expand both the sales team and executive leadership.
Navigating Pandemic Challenges
The company is currently operating in New York and Los Angeles, experiencing a year-over-year growth rate of 3x.
Dijols acknowledged that the pandemic presented challenges due to “a massive surge of orders” resulting from temporary clinic closures.
Board Appointment and Investor Perspective
Keith Levy, operating partner at Sonoma Brands and former president of Royal Canin USA, will join Mixlab’s board of directors as part of the investment.
Sonoma Brands focuses on high-growth sectors within the consumer economy, identifying the pet industry as a key area of interest.
A Trusted Partner for Veterinarians
Levy noted that while numerous players are emerging in the veterinary community, veterinarians are seeking a single, reliable partner.
Mixlab distinguished itself by its ability to expedite medication delivery, earning the trust of many veterinarians.
Superior Customer Service
“Mixlab’s approach isn’t entirely unprecedented, but they are executing it exceptionally well,” Levy stated.
“Their customer service metrics demonstrate a strong reputation and a relentless commitment to delivering a superior experience.”
