Liverpool tech pet venture VidiVet has secures new six-figure investment just months after receiving seed funding of £310,000 from angel investors. Tony McDonough reports
A Liverpool tech business that provides online vet triage services to pet owners all over the UK 24 hours a day, seven days a week has secured new investment.
VidiVet has been named one of the UK’s Top 10 most exciting early-stage technology companies by Tech Nation. It was founded in March 2020 by experienced vet Ben Sweeney.
Employing 60 people, including a global team of vets who work remotely, in February Vidivet secured £310,000 from a group of business angels. Angels are typically high net worth individuals who invest in early-stage businesses with high growth potential.
Now the company is to receive fresh investment from fund:AI run by Liverpool-based River Capital. The value of the six-figure investment is not being disclosed.
VidiVet says its app is providing enhanced operational efficiency and profitability to veterinary practices across the UK. It has won a number of new clients and is making inroads into the “lucrative” pet insurance ecosystem.
Fund:AI will support the business with not just capital but also AI expertise. This investment was led by David Walters of River Capital and was supported by Daniel Hayhurst of Brabners and Mike McMahon of Trowers & Hamlins.
VidiVet chief executive Ben Sweeney said: “Raising investment can be hard and many founders inevitably find it difficult to select the right partner to pursue their vision.
“From early meetings with the team at River Capital, it was clear that they not only understood what we have now but where we are going – which is of course critical.
“We live in a time where people are excited but also fearful of AI so it is lovely to be able to share our journey with pet owners and to utilise AI and machine learning to fuel our learnings and evolution as a company.”
River Capital set up fund:AI in November 2002. It offers investments of up to £2m for businesses focused in developing artificial intelligence.
Investment director David Walters added: “Ben is a great guy to work with. His energy is infectious and he is genuinely open to our expert operational support.
“Growth in the sector is strong and we look forward to supporting Vidivet to further diversify their B2B customer base.”