Breaking Stories

Mixlab Notches $20M For Modern Pet Pharmacy

Mixlab, an online pet pharmacy, received a $20 million investment, according to a Monday (Aug. 2) press release. The funding round was led by Sonoma Brands, with participation from Global Founders Capital, Monogram Capital, Lakehouse Ventures, Brand Foundry and others.

Keith Levy, operating partner at Sonoma Brands and former president of pet food manufacturer Royal Canin USA, will join Mixlab’s board of directors.

“Digital-based entrants into the human pharmacy space are indicative of an expectation of fast delivery and great service, and pet parents want the same experience for their beloved companions,” Levy said in the announcement. “… Mixlab has the potential to fill that consumer demand while at the same time guaranteeing that the process is managed end-to-end by their trusted vet, which creates the winning recipe.”

Propelled by a surge in pet adoptions amid the pandemic, the $100 billion pet care industry, as PYMNTS reported previously, has never been larger. There are approximately 11 million more pet owners now as compared to prior to the COVID-19 pandemic.

Read more: Dogonomics: From Mass Retailers to D2C Startups, Pet Care Is Booming

Historically, the pet care industry sees an average growth of 3 or 4 percent. Yet, for 2022, the American Pet Product Association anticipates growth of nearly 6 percent, which comes on the heels of a year of record sales that topped $103 billion.

Mixlab, which began in 2017, hopes to capitalize on the growth in the pet care industry by stepping into the arena with the likes of rival Chewy and other online pet pharmacy companies. The goal, according to Mixlab, is to offer next-day shipments. The company, which is based in New York and Los Angeles, offers same-day service to New York City and Los Angeles and next-day shipping in many U.S. states. All shipments include a toy for the pet and easy-to-read instructions for medication, according to the company website.

What is your reaction?

In Love
Not Sure

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *