FSP advises The FSE Group on Animor Pet Healthcare Funding Round
The private equity and venture capital team at Field Seymour Parkes led by partner Penelope Garden has advised longstanding client The FSE Group on a £200,000 investment from its managed fund the Enterprise M3 Growth Fund as part of a larger funding round from multiple financing partners.
Other investors and partners include the Companion Fund (backed by Mars Petcare), The Bayes Entrepreneurship Fund, Michelson Found Animals Foundation and Covéa Insurance, who are also underwriters for the insurance backed aspect of Animor’s pet membership care plans.
The funding will be used to develop and operate two new modern, purpose-built veterinary centres which will be the front-runners of a planned network of sites across the UK. The first centre launched last week as an on-site concession at Sainsbury’s Ellesmere Port and the second will be launching in early 2022 at Sainsbury’s Sudbury, Suffolk. The businesses’ innovative membership-based model takes a joined-up approach to pet healthcare with particular focus on preventative health working with pet owners and making the best use of digital technology.
Over recent years healthcare costs for pets have risen substantially with a corresponding rise in the costs of insurance cover and the complexity of insurance policy terms. In this context many pet owners find it challenging to understand and evaluate their options. Animor’s service is designed for simplicity and affordability. Animor gives pet owners an informed choice of either pay-as-you-go treatment or an appropriate care plan membership to suit their pet’s needs, as well as easy ‘digitally enabled’ access to booking, healthcare records and healthcare advice.
Patrick Magrath, Founder and Managing Director of Animor, said: “The everyday reality for many pet owners is their ability to get the best treatment and care for their animals, is often limited by unnecessary complexity and financial considerations. They also tell us that getting veterinary care, and suitable insurance to cover this care, has become increasingly confusing and expensive over recent years. Our aim with Animor is to deliver peace of mind to our pet owners through a simple, affordable and joined-up subscription approach, where everyone (pet owner, veterinary practice and insurance partner) is working together towards improving pet health.”
The UK pet healthcare market retail value is currently estimated at £4.6 bn. 52% of UK households own pets, looking after a total of 23m dogs, cats and rabbits – a number which has grown substantially since the beginning of the Covid pandemic period.
Paul Lyristis, Investment Manager, for The FSE Group, which manages the Enterprise M3 Growth Fund, on behalf of Enterprise M3 Local Enterprise Partnership (LEP), commented:“It was great to work with Patrick and his experienced team who are clearly knowledgeable in pet health care with a track record of delivery which will take them forward. The commercial traction demonstrated to date is very impressive and we look forward to working with them on the next stage of their journey.”
Michael Queen, Chair at Enterprise M3 LEP adds: “The UK pet healthcare market is continuing to expand with over half of British households keeping a pet. Animor’s healthcare model is another example of how businesses are thinking innovatively in our area and successfully expanding their operation. I am very pleased EM3 has been able to support Animor’s growth and look forward to seeing the business continue to prosper.”
The Enterprise M3 Funding Escalator II is a £10 million initiative funded by the Enterprise M3 Local Enterprise Partnership. The escalator, which includes an expansion loan scheme, a trade finance loan scheme and an equity growth fund, provides eligible companies with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities across the EM3 area.
For more information about the Enterprise M3 Funding Escalator please visit: https://www.thefsegroup.com/fund/enterprise-m3-funding-escalator/ or contact Paul Lyristis at [email protected] tel: 01276 607307 / 07973 712203.