January 12 (SeeNews) - Romania-founded Digitail, a platform offering software solutions for veterinary practices, raised $11 million (10.2 million euro) in a Series A funding round led by European venture capital fund Atomico, to expand geographically and develop its product portfolio, Atomico said on Thursday.
Atomico joined previous investors byFounders, based in Denmark, Google AI fund Gradient Ventures, and U.S.-based Partech, it said in a press release.
Atomico principal Andreas Helbig joins the Digitail board as part of the investment, it added.
The Series A funding allows Digitail to further scale its operations across the United States and Canada and continue its global expansion, while also expanding its product depth and feature range.
The investment is set against the backdrop of booming global pet ownership, with the petcare market estimated to be currently worth $200 billion and projected to reach over $300 billion by 2030.
“Unlike the medical industry at large, digital transformation is yet to touch large parts of the veterinary industry,“ Digitail CEO and co-founder Sebastian Gabor said.
With increasing workloads taking a toll on veterinarians, Digitail offers digital transformation solutions that streamline veterinary practices and increase appointment capacities.
The platform allows for data to be shared among veterinarians, enabling a collaborative framework that reduces administrative burden by 40-60%, or roughly three days of administrative work per month at a typical clinic in the U.S.
Digitail was founded in 2018 and currently works with over 750 clinics globally, serving around 1.4 million pets.
Founded in 2006, London-based Atomico invests in tech founders at Series A rounds and beyond, and currently manages over $4 billion in assets.
In 2021, the Romanian arm of Digitail booked a net profit of 30,897 lei ($6,738.6/6,259.7 euro), while turning over 2.5 million lei and employing 11 people, on average.
($=0.9289 lei)