The Vancouver-based studio's first fund will receive $10 million to help build pet health startups.
Animal health startups can get capital and business development support through a new venture capital fund and studio in Vancouver.
“Pet health is one of the fastest-growing industries on the planet, but early-stage founders lack capital and support.”
Alex Chieng,
pawing
Pawsible Ventures launched its first $10 million fund to support early-stage pet healthcare startups with capital, incubation and distribution services. The Venture Studio will host quarterly panels where entrepreneurs and veterinarians collaborate to create and test new products.
Pawsible was founded by Shafin Diamond Tejani and Alex Chieng to fill a gap in early-stage pet-focused startups that are digging into US$250 billion Global market for pet health and wellness. Chieng will lead the foundation and studio, bringing experience in the field as the founder of a veterinary communications platform. Wetsi.
“Pet health is one of the fastest-growing industries on the planet, but early-stage founders lack capital and support,” Chieng said in a statement. “With Pawsible, we don’t just invest, we build.”
Tejani is the CEO of a publicly traded technology investor and accelerator. Victory Squarewhich supports the fund with capital. On Victory Square there is similar venture division for medical technologies, but with a less ardent emphasis. Victory Square will use its existing distribution partners, including clinics, pharmacies and laboratory systems, to test the Pawsible companies' products.
“We've built channels that connect innovators to patients in healthcare—now we're opening those channels to animal health,” Tejani said in a statement.
The $10 million fund will be directed to 20 startups around the world over the next three years, both through the studio and through external companies. His initial checks range from $100,000 to $500,000 with the possibility of subsequent investments. The platform's first cohort will focus on solutions in veterinary care, practice management, diagnostics, biohealth, insurance, automation tools, pharmaceuticals and wellness.
“Our goal is to build a long-term platform that connects human and animal health, helping founders move from concept to scale through capital, incubation and real-world distribution support,” Chieng wrote in his report. Post on LinkedIn.
Image provided Unsplash. Photo by Hannah Lim.
