Portland animal-health startup raises $40M
A startup in the Portland area’s growing animal-health industry has raised nearly $40 million in two rounds of equity financing.
Rarebreed Veterinary Partners obtained the funding in a series A round led by local investors last year and a second round of venture financing that included investors from New York, according to a news release Monday.
The company provides staffing, operational help and technology for veterinary practices and hospitals. Rarebreed said it currently supports 10 practices across New England, with 200 onsite employees and 15 staff at the company’s headquarters on Danforth Street.
Rarebreed was launched in October 2018 by Dan Espinal, a Cape Elizabeth resident who previously led corporate development and strategy at IDEXX Laboratories Inc. (Nasdaq: IDXX), the Westbrook-based provider of veterinary diagnostics.
Espinal serves as CEO of Rarebreed, while another former IDEXX employee, Sean Miller, is COO. Investor Matt Campbell is also a partner in the business.
“We’re focused on taking care of the people who take care of animals,” Espinal said in the release. “If we’re successful, then we can change people’s lives for the better, and our partner veterinary hospitals will be the employers of choice for those dedicating their professional lives to our pets.”
In addition to Rarebreed and IDEXX, southern Maine is home to an increasing number of businesses focused on animal health.
They include Covetrus Inc. (Nasdaq: CVET), a provider of veterinary supplies, services and technology, with about 300 employees in Portland and a total of 5,500 worldwide. Portland is also home to ImmuCell Corp. (Nasdaq: ICCC), a biotechnology company focused on preventive health care products for cattle, and ElleVet Sciences, which launched in 2017 and develops cannabis-based therapeutic products for pets.
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