Veterinary services startup raises funding from six angel groups

Jun 18, 2014
Austin Business Journal

First Choice Pet Care Inc. has raised more than $4.6 million from a syndicate of six angel groups

The Austin-based startup, founded in 2014, collected the capital from 55 individual investors. The financing was the largest in the history of the Austin-based Central Texas Angel Network, officials said

First Choice Pet Care provides management services to veterinary clinics. It employs six workers, but that number is likely to grow, according to CEO Michael Dewey. He expects to use the capital to open offices in several U.S. cities and employ 50-70 workers by the end of 2015

CTAN’s investors contributed $2.9 million among 28 members, doubling the size of the group’s previous fundraising record of $1.4 million. The angel group’s average investment is about $300,000

CTAN, founded in 2006, includes more than 130 members. In 2013, it invested a record $9.7 million in 33 companies and ranked No. 4 in the nation in terms of deal flow, Executive Director Brent Eleya said

Other investor groups included the Houston Angel Network, Concho Valley Angel Network in San Angelo, Cowtown Angels in Fort Worth, Aggie Angel Network in College Station and Texoma Angels in Wichita Falls

Last month, First Choice Pet Care reported raising $1.1 million of a planned $1.2 million financing involving 56 investors, according to a filing with the U.S. Securities and Exchange Commission

Dewey, who was previously the president of Clearshot Capital Partners LLC, said it was critical for Eleya to introduce him to other Texas-based Angel networks

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