The investment will be used to continue to democratize Generative AI in the United States and globally

MADRID, Oct. 20, 2023 — Luzia, the premier AI assistant designed to simplify tasks, boost productivity and provide inspiration to users, today announced the closing of $10M in Series A financing led by Khosla Ventures. The latest investment, received six months after the launch of Luzia, reflects the growing confidence of Silicon Valley and international investors in the company’s vision and potential. The previous investment rounds garnered a total of $3 million in funding from notable investors such as Mike Santos of Technisys, Sean Ryan of Sean Investments LTD, and Grupo Proeduca.

Luzia’s mission is to be the most reliable and intelligent Personal Assistant that aids users with their everyday tasks and inquiries. The free platform serves as a trusted AI ally, available through WhatsApp and Telegram contacts, to almost 17 million users. Luzia has processed over 900 million messages leveraging APIs from various companies, including OpenAI, Llama and Kandinsky, among others. Responses provide answers, transcribe audio, translate multiple languages and generate real-time images, all while prioritizing privacy and security. As the exclusive contact for harnessing AI’s true power, Luzia understands and responds to simple voice or text commands.

“This investment is a significant step for Luzia in fulfilling its mission as a company by bringing the power of artificial intelligence to more people and bridging the technological divide in the world. We’re excited to bring the best and most user-friendly global personal assistant to millions of people around the world and look forward to revolutionizing how they interact with technology, simplifying their tasks, boosting productivity and inspiring them in ways they’ve never imagined,” said Luzia CEO, Álvaro Higes.

The funding will be used to continue recruiting top talent, expansion into new markets, advancing technological features, and optimizing the user experience. As Luzia solidifies its position as a global AI assistant leader, the company is setting its sights on the United States—a pivotal market in its growth strategy. With a robust track record of active users and the recent Series A funding, Luzia is primed for its debut in the U.S. market.

We have been investing in various applications of generative AI across a wide range of areas,” said Adina Tecklu, partner at Khosla Ventures. “In Luzia, we have a team that deeply understands their Spanish and Portuguese consumer base and a product that is resonating with those customers as evidenced by their exciting early traction. We look forward to partnering with them as they expand their global reach.”

“I take immense pride in being part of Luzia, an innovative project with the noble mission of making Artificial Intelligence more accessible to all people around the world,” said Pau Gasol, Professional Basketball Hall of Famer and Investor in Luzia. “Access to this transformative technology should be a universal right, and it is our joint mission to make this a reality. I am convinced that this capital injection will not only boost Luzia’s growth, but also elevate user experiences and extend the reach of AI to countless individuals, making a meaningful and tangible impact on their everyday existence.”

To date, Luzia has raised a total of $13 million and has grown to nearly 17 million active users worldwide. Additional investors include Pao Gasol, A* Capital, Abstract Ventures, FJ Labs, Globo Ventures and others. 

About Luzia

Founded in 2023, Luzia is the premier AI assistant designed to simplify tasks, boost productivity, and provide inspiration to users worldwide. Led by visionary trio Álvaro Martínez Higes, Javier Andrés, and Carlos Pérez, Luzia serves as an inclusive AI companion, bridging information gaps in the digital age. To date, Luzia has raised $13 million in funding and has grown to nearly 17 million active users worldwide. To learn more, please visit www.luzia.com/en/ and via WhatsApp.

SOURCE Luzia

PLYMOUTH MEETING, Pa., Oct. 20, 2023 — Creditly Corp., dba Credit Genie, a leading digital personal finance platform that has served more than one million Americans, announced today the successful completion of an additional funding round, securing $10 million in capital, bringing its total financing to $21 million. The funding was led by Khosla Ventures, with participation from Tippet Ventures. With the new funding, Credit Genie will expand its product line and hire top talent to scale its innovative approach to behavioral finance, budgeting and cash/credit management.

Credit Genie’s innovative use of artificial intelligence (AI) and machine learning helps to revolutionize risk management and personalized budgeting for the financial middle class, providing people with accurate and individualized financial insights that can help improve their financial well-being.

The company aims to help millions of consumers access efficient credit at fair rates, using technology that analyzes diverse data points such as behavior, chat and qualitative indicators. The collective analysis identifies a person’s desire to elevate their lifestyle and financial well-being, providing more accurate predictions and insights than traditional credit scoring methods. The platform also identifies patterns and predicts credit risk, resulting in more accurate credit scores and better lending decisions.

“Our mission is to provide accessible financial products and services that help people improve their financial wellness,” said Credit Genie founder Ed Harycki. We aim to provide a more inclusive and fair credit system, regardless of income level or credit history, that empowers people to achieve their financial goals.”

“Millions of Americans have a challenge in managing their cash flows to understand how best to leverage their financial situation,” said David Weiden of Khosla Ventures. “Credit Genie’s AI-powered system allows consumers to analyze their cash flow and get financial insights and credit-related services to better manage their households.”

In connection with the latest round of financing, Credit Genie has also secured a credit facility with affiliates of Fortress Investment Group to help it finance its cash advance and credit card receivables.

About Creditly Corp:
Credit Genie is a mobile financial membership platform that empowers people to take control of their finances. Since its launch in 2022, Credit Genie has engaged with over 1 million hard-working Americans and has earned its members’ trust by building a full-service digital platform to deliver financial alerts and insights, personalized budgeting, and credit-building solutions. From a single app, members can get a 360-degree snapshot of their financial lives and have access to personalized tips and products to build and improve their credit.  Credit Genie is headquartered in Plymouth Meeting, PA., and is comprised of veteran banking and payments professionals determined to build products and services that are better suited for consumers who are often overlooked by mainstream banks.

For more information, visit www.creditgenie.com
Contact: [email protected]

SOURCE Creditly Corp

As conventional solar technology reaches its fundamental limits, Cosmos gains speed with 10x faster process development of perovskite silicon tandem technology through the company’s Mobius AI platform

SINGAPORE, Oct. 19, 2023 — Cosmos Innovation, an AI-first company building next-generation perovskite silicon tandem (PST) solar cell technology, today announced raising $19.7 million in total funding. The funding will support the company’s fundamentally different approach to developing perovskite silicon tandem solar cell technology.

The funding coincides with Cosmos Innovation’s unveiling of Mobius, the industry’s pioneering AI recipe optimization platform. Mobius has been demonstrated across various sectors, including solar, silicon carbide, advanced data center chips and advanced packaging. This platform fuels Cosmos Innovation’s ambitious endeavor: construction of the world’s first self-learning fab in the solar and semiconductor space.

Cosmos Innovation is reinventing the historically manual, trial-and-error-based development process for semiconductors by using AI to optimize and speed up the experimental design, test and iterate loop. The company is on the forefront of using AI to build disruptively better physical, science-based technologies. Cosmos Innovation plans to build the world’s first self-learning fab in this space and expects its approach to yield best-in-class performance for perovskite silicon tandem solar cells. 

The Series A round was led by Xora Innovation, an early-stage, deep-tech investment platform of Temasek, a global investment company headquartered in Singapore. Other investors joining the round include Innovation Endeavors, which led the seed round; Two Sigma Ventures; DeepMind CEO Demis Hassabis; noted MIT professor Tomaso Poggio, a founder of computational neuroscience; Richard Socher, leading natural language processing (NLP) researcher, CEO of You.com and managing partner at AIX Ventures; and Western Technology Investments, one of the leading venture debt funds in Silicon Valley.

The Next Generation of Solar Brought to Market with AI
Perovskite silicon tandem has gained solar industry attention because it has the potential to surpass the performance of pure silicon, the industry standard today. However, there are fundamental challenges to overcome to bring this novel design to market. Namely, the multilayer architecture leads to innumerable variations of possible design, making it time consuming and expensive to achieve the optimal “recipe” for peak cell efficiency and stability. Cosmos Innovation is applying Mobius to unlock the full potential of perovskite silicon tandem technology. With the use of advanced AI, Cosmos Innovation aims to develop the world’s most cost-effective, high-efficiency solar cells.

Cosmos Innovation is already seeing remarkable results from the Mobius platform. The company has demonstrated a 10x acceleration in process recipe development time and step-function improvements in target performance metrics with leading semiconductor companies. Mobius can discover a combination of materials, processes and architectures that yields the most efficient solar cells in a fraction of the time and at a fraction of the cost of conventional methods.

“Mainstream silicon solar technology is reaching its technological limits. Our innovative AI process optimization platform enables us to accelerate the once-in-a-lifetime platform shift to perovskite silicon tandem technology in the solar industry,” said Vijay Chandrasekhar, CEO and co-founder, Cosmos Innovation. “Our use of AI-driven experimental design will enable Cosmos Innovation to arrive at the optimal solution with far fewer experiments. This approach will enable us to build highly efficient, cost-effective solar cells in a much shorter time, which is key to meeting the ambitious net zero targets being set around the world.”

Experts at the Intersection of AI, Semiconductors and Solar
Founded in 2022, Cosmos Innovation is bringing together leading experts in AI, semiconductors and solar to give the company a distinct market advantage. Founders Vijay Chandrasekhar and Joel Li, the company’s CTO, have academic and professional careers at the intersection of these three fields, each with deep expertise leading specialized engineering teams at major research institutes. 

Prior to Cosmos Innovation, Chandrasekhar led the AI effort at the Institute for Infocomm Research at the Agency of Science, Technology and Research (A*STAR), where he managed a portfolio of more than 50 AI projects across over 10 domains with a key focus on semiconductors. Li was the former group head at the Solar Energy Research Institute of Singapore, where he led the development of an award-winning PV manufacturing technology. He also served as an AI team lead at A*STAR, where he led the development and deployment of AI solutions for Tier-1 manufacturers and R&D institutes in the semiconductor, material and chemical domains.

Supporting Quotes

Joel Li, CTO and Co-Founder, Cosmos Innovation
“Cosmos Innovation has proven AI technology to tackle the combinatorial explosion problem that semiconductor and solar cell process optimization faces. Our proprietary AI system, Mobius, has shown it can accelerate process optimization by up to 10x. It does this by intelligently proposing the next set of materials and process conditions to run. We believe that Mobius will help us solve the last-mile challenges of perovskite silicon tandem solar cells and accelerate its commercialization.”

Phil Inagaki, Managing Director, Xora Innovation
“Cosmos Innovation has assembled some of the world’s leading minds in AI, semiconductor manufacturing and solar to create Mobius – the first AI platform that enables self-learning fabrication of complex semiconductor devices. The application of Mobius to perovskite silicon tandem solar cells promises to deliver more cost-effective, reliable and efficient modules on an accelerated timeline. Cosmos Innovation exemplifies the technical and market expertise emerging from the Singapore R&D ecosystem and Xora is excited to support this home-grown, deep-tech company that’s poised to transform the global market for sustainable solar energy.”

Dror Berman, Founding Partner, Innovation Endeavors
“AI is transforming the way science gets done. Cosmos Innovation is at the forefront of AI innovation for the solar and semiconductor industries, driving a radically different approach for process recipe development. Cosmos Innovation is at the confluence of the company’s proven AI capabilities and the massive trillion-dollar opportunity emerging from silicon solar technology reaching its fundamental limits.”

Colin Beirne, Partner, Two Sigma Ventures
“The beauty of AI is its ability to positively surprise us – to reach for solutions that elude our human brains because of our biology and conditioning. AI thrives in situations of complexity and large parameter spaces – like semiconductor development. Cosmos Innovation is harnessing these capabilities, and building a tremendous team of experts, with a goal of reaching new heights in perovskite silicon tandem solar cell efficiency. We’re incredibly excited to support them on this valuable mission.”

Resources

About Cosmos Innovation
Cosmos Innovation is revolutionizing the approach to solar and semiconductor process development. Leveraging the power of artificial intelligence (AI) in its Mobius platform, the company is speeding up recipe development of perovskite silicon tandem technology by 10x to yield the most efficient solar cells, in a fraction of the time and at a fraction of the cost of conventional methods. Founded by Vijay Chandrasekhar and Joel Li, Cosmos Innovation is led, advised and supported by some of the top minds at the intersection of AI, solar, semiconductors and deep tech. The company has raised funding from investors that include Xora Innovation, an early-stage, deep-tech investment platform of Temasek, a global investment company headquartered in Singapore; Innovation Endeavors; Two Sigma Ventures; DeepMind CEO Demis Hassabis; noted MIT professor Tomaso Poggio, a founder of computational neuroscience; Richard Socher, leading natural language processing (NLP) researcher; and Western Technology Investments, one of the leading venture debt funds in Silicon Valley. For more information, visit cosmosinnovation.com.

About Xora Innovation
Xora Innovation is an early-stage deep tech investing platform of Temasek that is headquartered in Singapore. It invests in disruptive, world-changing ventures forged by ambitious founders and powered by compelling scientific breakthroughs. For more information on Xora Innovation, please visit xora.vc.

SOURCE Cosmos

CLEVELAND and BOSTON, Oct. 19, 2023 — MPE Partners (“MPE” or “Morgenthaler Private Equity”) announced today an investment in Mid-States Bolt & Screw Co. (“Mid-States” or the “Company”), a value-added distributor of fasteners and MRO products serving a diverse range of end markets. MPE’s investment positions Mid-States for accelerated growth while supporting the Company as an industry leader, an employer of choice, and a strategic partner for its customers.

MPE partnered in the transaction with the Somers family, who founded Mid-States more than 50 years ago. Scott Somers, President of Mid-States, said, “On behalf of my family, we are excited to partner with MPE. Since my father’s founding of the business over 50 years ago, Mid-States has continued to drive success through our dedication to excellent customer service. We are excited to work with the MPE team to maintain this tradition while pursuing the Company’s next phase of growth.”

Graham Schena, Partner at MPE, said, “We are looking forward to partnering with the Somers family and the rest of the Mid-States team to accelerate the Company’s growth through continued customer service and product availability, as well as organic and inorganic geographic expansion.” Nick Stender, Principal at MPE, added, “The Somers family has built Mid-States into a world-class distributor over the past several decades, and has exciting growth planned. We look forward to helping Mid-States accelerate its growth while maintaining the culture and tradition of excellence that has made the Company so successful to date.”

About Mid-States
Founded in 1973, with seven branches throughout Michigan and additional branches in OH, WI, and NC, Mid-States is a value-added distributor of fasteners and MRO products serving a diverse range of end markets. In addition to its ten branches, the Company operates numerous cribs co-located in customer facilities throughout the U.S. Within its fasteners segment, the Company sells hex caps, bolts, screws, socket products, and a wide range of other fasteners. Within MRO, the Company sells safety, janitorial, electrical, material handling, and various other MRO and related products. Mid-States also provides several valued-added services including kitting, vendor-managed inventory, vending machine management, and application engineering.  For more information, please visit www.midstatesbolt.com.

About MPE Partners
MPE Partners (“MPE” or “Morgenthaler Private Equity”) seeks to be the preferred partner for entrepreneur- and family-owned companies. Based in Cleveland, OH, and Boston, MA, MPE invests in profitable, lower middle market companies with transaction values up to $250 million. MPE has two primary target investment areas: high-value manufacturing and commercial & industrial services. For more information, please visit www.mpepartners.com.

SOURCE MPE Partners

NEW YORK, Oct. 19, 2023 — TZP Growth Equity, a fund within the broader TZP Group (“TZP”), a multi-strategy private equity firm, announced today its investment in Finzly, Inc. (“Finzly” or the “Company”), a provider of modular banking and payments technology infrastructure for financial institutions.  

Founded by Booshan Rengachari in 2012 and headquartered in Charlotte, North Carolina, Finzly empowers banks, fintechs, and businesses to rapidly adapt to changing market demands. Finzly’s modern, cloud-based, and open API operating system serves as a parallel platform to a bank’s core, enabling banks to focus on creating customer centric experiences.

“We are investing in Finzly due to its innovative approach to creating flexible payments and banking solutions. Their technology aligns with our vision of supporting companies that contribute to the evolution of the banking and financial sector,” said Shamit Mehta, TZP Partner. “Finzly stands out from the competition through its unique platform that allows for the seamless integration of various banking services through its modern architecture. Their commitment to utilizing cutting edge technology lowers the total cost of ownership and positions them as a true forward-thinking partner to their customers.”

“TZP brings a wealth of experience, a broad network within the financial industry, and a strong track record of supporting growing firms in realizing their potential,” said Finzly founder and CEO, Booshan Rengachari. “Their strategic guidance, along with financial backing will help accelerate Finzly’s growth trajectory and enhance its market position. The Finzly team is very excited to partner with TZP Group for this next chapter in the company’s journey.”

Shamit Mehta led the transaction for TZP with support from George Philipose. Goodwin Procter LLP and McGuireWoods, LLP provided legal counsel to TZP and the Company, respectively. Shamit Mehta will join the board as part of the transaction.

About Finzly

Finzly empowers the banks of the future, along with fintechs and businesses, to seamlessly offer and access financial services in an open, connected, embedded and real-time ecosystem. At the core of this infrastructure is FinzlyOS, a modern, cloud-based, API-enabled operating system that serves as a parallel platform to a bank’s core. With a wide range of turnkey banking solutions, including a multi-rail payment hub, foreign exchange, trade finance, compliance, and commercial banking experience components, Finzly enables the creation of programmable banks while also providing a Banking-as-a-Service platform to fintech partners and corporate customers via a single API connection to all payment networks. In a recent milestone, Finzly announced the world’s first API to access the FedNow service, solidifying its position as a pioneer in the banking technology space. Learn more about Finzly’s game-changing solutions by visiting http://www.finzly.com.

About TZP

TZP Group, a multi-strategy private equity firm managing approximately $2 billion across its family of funds, is focused on control, growth equity, and structured capital investments in technology, business services, and consumer companies. Founded in 2007, TZP targets companies with solid historical performance and sustainable value propositions and aims to be a “Partner of Choice” for business owners and management teams. TZP seeks to invest primarily in closely held, private companies in which the owners desire to retain a significant stake and partner with an investor with complementary operating and financial skills to accelerate company growth, increase profitability, and maximize the value of their retained stake. TZP leverages its investment professionals’ operating and investment experience to provide strategic and operational guidance and is dedicated to long-term value creation. For more information, please visit www.tzpgroup.com.

For more media inquiries please contact:

Dan Gaspar, Partner, TZP Group | [email protected]

SOURCE TZP Group

NEW YORK, Oct. 19, 2023 — Transfix, Inc. (“Transfix”), the Intelligent Freight Platform™, today announced the closing of its Series F funding round, led by New Enterprise Associates (NEA) and G Squared, with participation from Canvas.

The new capital further strengthens Transfix’s financial position, supports a path to profitability, and represents confidence from investors in the company’s differentiated approach where superior technology and a data-backed team drive exceptional service and solutions for the most sophisticated shippers and mid-sized carriers.

It also represents the continued conviction of large institutional investors in the company’s business, in an otherwise difficult market.

“Since day one, we have been relentlessly committed to optimizing, improving, and future-proofing our core business: our tech-enabled brokerage and software solutions for shippers and carriers,” said Jonathan Salama, co-Founder and Chief Executive Officer. “By staying focused, we continue to build momentum despite one of the most challenging markets in freight history. I am incredibly proud to be a member of this transformative and inspiring team.”

“We believe that Transfix delivers innovative solutions that help companies optimize in today’s freight market, and will provide continued value into the future,” said Carmen Chang, Partner and Head of Asia, NEA. “Our investment represents our ongoing confidence in the company’s strategy and leadership, and we are looking forward to a continued successful partnership.”

“We have been continuously impressed by Transfix’s resilience, determination, and innovation,” said Larry Aschebrook, Founder & Managing Partner, G Squared. “They don’t get side-tracked by ‘shiny object syndrome’. They, instead, build and refine against deeply-researched customer needs, and iterate to prepare for the future.”

About Transfix
Transfix drives modern supply chain impact at scale with its Intelligent Freight Platform™. By combining enterprise-grade, machine-learning technology with intuitive software and dedicated supply chain experts, Transfix is enabling organizations to deliver with high performance and high reliability, drive long-term strategy and capacity planning, take empty miles off the road, and optimize their networks, at scale. Today, Transfix connects shippers to nearly 30,000 carriers with real-time, many-to-many freight matching and the visibility they need to make their supply chains more efficient and environmentally responsible. Learn more at Transfix.io.

CONTACT: Matt Burkey, [email protected] 

SOURCE Transfix

MIAMI, Oct. 19, 2023 — Miami-based P3 Technologies [P3T], a trailblazing leader in pet health technology and solutions, is thrilled to announce the successful closure of a substantial $10 million new investment round and the strategic acquisition of two prominent pet pharmacies, Heartland Veterinary Pharmacy and VetApproved Pharmacy. This marks a significant milestone in P3 Technologies’ growth strategy within Miami’s thriving technology landscape.

The investment comes from a group of forward-thinking investors who have recognized P3T’s groundbreaking approach to pet healthcare delivery and its commitment to elevating patient outcomes. This infusion of capital will empower P3 Technologies to accelerate its mission of reshaping the pet healthcare landscape with technology-driven solutions and comprehensive pet care services tailored to the local market and beyond.

James Harrison, Chairman and Founder of P3T, Partner at Clarke Capital and a long time Miami resident welcomed the infusion of capital. “The team at P3T led by Rob Levin have built a company that is making an enormous impact on the pet industry. At Clarke Capital we have built some great consumer companies including Contour, PetIQ and Brandless, but this is as exciting as any we have been part of.  We’re proud to support and be supported by Miami Tech Life and all of the tech ecosystem of Miami. Our team embodies the city’s dynamic and ambitious spirit – and this investment reaffirms our dedication to innovation benefitting the overall pet health experience.” 

In addition to the investment, P3 Technologies has acquired Heartland Veterinary Pharmacy and VetApproved Pharmacy, two well-established pet pharmacies strategically aligned with P3T’s pet-first values. This acquisition solidifies a vision of elevated pharmacy operations paired with P3T’s commitment to delivering an integrated approach to pet healthcare, where pharmacy services play a pivotal role in the well-being of pets as family members.

Rob Levin, CEO and fellow Miami resident further commented on the acquisition, saying, “The addition of Heartland and VetApproved to the P3T family is a significant step forward in our mission to provide comprehensive pet healthcare solutions. This strategic move allows us to streamline our services and offer our clients a seamless experience, from prescriptions to insurance to care services.”

The new funds and the acquisition will enable P3 Technologies to expand its services, invest in advanced technology, hire additional professionals, and continue to provide best-in-class care to its growing customer base.

 About P3 Technologies:

P3 Technologies  is a forward-thinking technology solutions provider committed to revolutionizing the pet health industry through innovative technology, patient-centric pet care, and strategic acquisitions. By integrating cutting-edge technology with personalized services, P3 Technologies is redefining the way pet parents, pet insurers, and veterinarians access and receive medical care. For more information about P3 Technologies and its services, please visit www.p3t.vet.

Key properties of P3 Technologies:
www.heartlandvetsupply.com
www.vetapproved.rx
www.petpremium.com
www.petinsuranceshopper.com

For general P3 Technologies media inquiries, contact [email protected].

For P3 Technologies pharmacy-related media inquiries, contact [email protected].

SOURCE P3 Technologies

ST. PETERSBURG, Fla. and NEW YORK, Oct. 19, 2023 — Lonestar Data Holdings Inc. (Lonestar) the cutting-edge technology company at the forefront of premium lunar data storage and disaster recovery services, is delighted to announce the successful completion of a Pre-Series A funding round, which was oversubscribed, demonstrating robust investor interest in the company’s vision and accomplishments.

“Customers and investors are both keying in to our market vision to provide security for Earth’s critical data from the Moon.” said Chris Stott, Lonestar CEO.

Lonestar Data Holdings Inc. had originally set out to raise $500,000 in its Pre-Series A round. However, following the company’s victory at a prestigious tech tank event hosted at an exclusive invite-only investor gathering, the company was inundated with interest from a series of investors eager to invest. This enthusiastic response led to the round being oversubscribed with over $800,000 in funding.

The Pre-Series A round witnessed strong participation from both existing and new investors, highlighting the growing confidence in Lonestar’s mission and strategic approach. Lonestar is poised to utilize these funds to further advance its pioneering work in lunar edge and data storage.

“The success of our financial round reinforces our path forward and speaks volumes of the trust and support our investors have placed in us.” said Carol Goldstein, Lonestar’s CFO and CAO.

This achievement follows Lonestar’s earlier success in its Seed funding round, which also witnessed oversubscription. In the Seed round, the company had set out to raise $5 million but attracted investments totaling $5.225 million.

About Lonestar – Saving Earth’s Data One Byte at a Time
Lonestar Data Holdings Inc. (Lonestar^®), headquartered in St Petersburg’s Maritime and Defense Technology Hub in Florida, has been founded by a proven team of experts from the Cloud and Space verticals to pioneer a future for data at the edge for all of us as. www.lonestarlunar.com

SOURCE Lonestar Data Holdings Inc.

CHARLOTTE, N.C., Oct. 19, 2023 — Petfolk, the modern veterinary care company providing best-in-class service to pets, pet owners, and veterinarians through a connected care community, is pleased to announce a $40 million Series B. The investment was led by Movendo Capital, a family-backed growth equity investor with a focus on food and beverage, retail, and branded consumer companies throughout Europe and North America. Existing investors including White Star Capital, Idea Farm Ventures, and others, also participated in the round.

Petfolk is leading the charge in reshaping the fragmented and understaffed veterinary profession by providing services in-person at state-of-the-art pet care centers, as well as virtually through the Petfolk mobile app. Founded by CEO Dr. Audrey Wystrach, DVM, Petfolk’s differentiation results from key learnings over her 29+ years of experience as a practicing veterinarian. Since 2021, Petfolk has grown from a single location in Charlotte, North Carolina to 11 total locations expected by the end of 2023, with an additional 20 locations planned for 2024. Petfolk is now the fastest growing and #1 rated veterinary service provider across the Southeast, with current locations in North Carolina, South Carolina, Georgia, and Florida.

Underscoring Petfolk’s mission to elevate members of the veterinary profession, Petfolk recently introduced the Petfolk Partner Program. The Partner Program provides veterinarians with the opportunity to advance their careers, progressing from Associate Veterinarians to Partner Veterinarians over time and giving them shared economics in their clinics and equity ownership in Petfolk. This allows veterinarians to have ownership without taking on the risks of starting their own practice, as no buy-in is required.

“I saw a world where it was getting harder and harder for veterinarians to start their own practices. Today’s veterinarian is leaving veterinary school with over $180,000 in debt, and the last thing they want to do is take on additional debt to open a practice. I wanted to show vets a path to ownership without the risk. A path where Petfolk takes care of all the heavy lifting so that our Partner Veterinarians can focus on providing quality care and strong medical outcomes for their pets. Petfolk is built by vets, for vets,” says Dr. Wystrach.

Petfolk has experienced rapid growth since its Series A in 2022, with over 60,000 pets expected to be cared for this year and nearly 300% revenue growth year-on-year. Since its inception, Petfolk has consistently achieved a 90+ Net Promoter Score (NPS), making it the highest-rated veterinary clinic group in every market in which it operates. Additionally, Petfolk was recently recognized as the 2023 Pet Solution of the Year by the Pet Independent Innovation Awards.

“We believe strongly in Petfolk and its vision to make veterinary care more transparent, more accessible, and more welcoming. In particular, Petfolk’s strong team, led by Dr. Wystrach, along with the high quality of service and attention to detail at their care centers, continue to stand out,” says Pedro Pereira Gonçalves, CEO at Movendo Capital. “We are excited to help Petfolk become the go-to destination for pet owners and veterinary clinicians alike.”

To learn more about Petfolk and its upcoming announcements, please visit www.petfolk.com and follow the company on LinkedIn and Instagram @mypetfolk.

About Petfolk
Founded by vets who love pets, Petfolk is a new breed in pet care that provides a community of knowledge and accessible solutions right at pet parents’ fingertips. Petfolk is beyond what your typical veterinary clinic experience would entail, as the brand embodies a community of care that makes it easier for pet parents and veterinarians to be seen and heard with advances such as 24/7 virtual and instant care, mobile pet care centers, technology for personalized and transparent care plans, a vet-minded employment model, and stress-free physical spaces.

About Dr. Audrey Wystrach, DVM
Dr. Audrey Wystrach is a highly recognized leader within the veterinary industry who has been practicing veterinary medicine for over 29 years. Dr. Wystrach is the founder and CEO of Petfolk and the Co-Founder and Board Member of the Veterinary Virtual Care Association. Dr. Wystrach has pioneered adopting virtual care connected with in-clinic care for pets to help relieve the shortage of veterinarians and access to care for pet parents. Previously, Dr. Wystrach was the Co-Founder and COO of Zippivet, a de novo multi-practice vet hospital in Austin, Texas, and prior to that, the owner of her own practice that she successfully sold. Outside of being an entrepreneur, board member, practicing veterinarian, and CEO, Dr. Wystrach is a proud wife and mother of three children. Dr. Wystrach has been featured on ABC News, Business Insider, Bizwomen, PYMNTS, Cheddar, Fortune, People.com, and Axios. Dr. Wystrach stands as an industry expert and innovator and has captivated many audiences as a renowned public speaking figure.

About Movendo Capital
Movendo Capital is an investment holding company specializing in innovative food and innovative retail investments. Backed by a fourth-generation entrepreneurial family with a long tradition in retail and food production, Movendo is a long-term capital investor and active shareholder.

SOURCE Petfolk