Sacra estimates that Modern Animal hit $100M in annualized revenue in 2024, up 85% year-over-year from $54M in 2023. The company serves approximately 60,000 pets and families through its network of clinics and virtual platform.

The Los Angeles market accounts for over 30,000 active members, indicating substantial local market penetration. Core All-Access membership pricing is $199 per pet annually. Membership subscriptions contribute approximately 12% of total revenue, with the remaining 88% derived from in-clinic services, diagnostics, procedures, and pharmacy sales.

Average revenue per customer is approximately $1,660, exceeding the membership fee alone and suggesting high utilization of additional services. The company has maintained this pricing structure since March 2023, following earlier price points of $129–$150 in prior years.

Modern Animal closed a $46 million Series D in September 2025, led by Addition, Upfront Ventures, and True Ventures, with participation from Founders Fund.

The company raised a $13.5 million seed round in October 2019, led by Founders Fund with participation from Upfront Ventures. This was followed by a $35.5 million Series A led by True Ventures and Addition, and a $40 million Series B led by Founders Fund.

In August 2022, Modern Animal raised a $75 million Series C led by Addition. Additionally, the company secured $5 million in debt financing in March 2024. Total funding to date exceeds $229 million across all rounds.

Modern Animal is a vertically integrated veterinary platform that combines physical clinics with a 24/7 mobile app. Pet owners download the app, create pet profiles, and select one of two membership options: All-Access, priced at $199 annually for unlimited clinic exams, or Pay-As-You-Go, which charges $80 per exam.

When pets require care, owners use the app's Chat feature to connect with licensed veterinary technicians within minutes. These technicians can request photos or videos, escalate cases to on-duty doctors, or schedule in-person visits, eliminating the need for phone calls.

For clinic visits, owners use the app's real-time calendar to book appointments. Upon arrival, they check in by scanning a QR code at facilities designed without traditional reception desks. Clinics include glass-walled treatment areas that allow owners to observe procedures, with live video options available for contact-free handoffs.

Following visits, care summaries, invoices, and lab results are automatically uploaded to the app. Prescription refills can be ordered with a single tap and shipped free to homes. This workflow removes common veterinary inefficiencies, such as phone-based scheduling and paper records.

Modern Animal operates a B2C subscription model with two pricing tiers integrated into a vertically-aligned clinic network. The All-Access membership generates predictable recurring revenue and increases utilization of higher-margin services such as diagnostics, procedures, and pharmacy.

The company's proprietary EMR system, Claude, connects clinic teams, the Virtual Care Center, and the consumer app within a unified platform. AI-powered modules summarize patient histories and visit notes, reportedly saving doctors two hours per day and reducing administrative overhead.

A centralized Virtual Care Center, staffed by licensed technicians, manages all customer communications, including triage and scheduling across the network. This approach eliminates inbound phone traffic to individual clinics, enabling veterinarians to focus exclusively on medical care.

The model scales through geographic density rather than franchise expansion. Adding clinics within existing markets improves member convenience and distributes fixed costs, such as those associated with the Virtual Care Center, across a larger number of locations. Integrated logistics support prescription fulfillment through both clinic pickup and home delivery.

Bond Vet operates over 55 urgent and primary care clinics across New York, Massachusetts, Illinois, and Pennsylvania, supported by $170 million in private equity funding. The company uses AI medical record tools to reduce administrative time for doctors while adhering to AAHA accreditation standards.

Small Door raised $40 million in Series B funding and charges annual memberships priced at $149–$169 for access to AAHA-accredited facilities with 24/7 telemedicine. The company is expanding from New York City into Boston and the DC/Maryland markets, targeting a premium segment.

Petfolk runs a network of 19 clinics across seven markets and aims to reach 40 locations by the end of 2025. Backed by $36 million in Series C funding led by Deerfield, the company cites high Net Promoter Scores as a key competitive metric.

Chewy introduced Chewy Vet Care in 2024, launching clinics in Florida, Colorado, Georgia, and Texas. The service combines 24/7 virtual advice with optional unlimited exam memberships, integrated with Chewy's e-commerce platform and prescription fulfillment services.

The company leverages its base of over 20 million active customers and supply chain efficiencies to compete on convenience and pricing. Chewy's clinic locations are primarily situated within mixed-use developments rather than standalone facilities.

Pawp provides digital-first pet care through a hybrid virtual and physical model, aiming to serve as the primary veterinary relationship rather than a supplement to traditional care. The platform offers unlimited virtual consultations with triage capabilities.

Telehealth providers in this segment face regulatory hurdles related to state-specific veterinary-client-patient relationship requirements, particularly for prescription authority. However, their operational models benefit from significantly lower overhead compared to clinic-based competitors.

Modern Animal's Claude platform has potential for SaaS expansion beyond the company's clinics. The United States has over 21,000 animal hospitals, and the veterinary EHR market is projected to grow at a 13% annual rate, reaching $1 billion by 2030. Offering Claude as white-label software could significantly increase the company's addressable market.

The platform's AI tools currently save veterinarians an average of two hours per day by automating visit summaries and chart preparation. Licensing this technology to independent practices would generate recurring software revenue with higher margins compared to clinic operations.

Modern Animal's 24/7 in-app prescription system enables the company to capture drug margins, which typically account for 15-20% of clinic revenue. Adding same-day delivery or developing in-house pharmacy capabilities could increase customer retention and boost revenue per customer.

Pet insurance and wellness bundles present additional growth opportunities, particularly as employer-subsidized pet benefits gain traction. Selling these offerings through B2B channels to employers could lower customer acquisition costs compared to direct-to-consumer marketing.

Modern Animal is entering Sun Belt markets such as Texas, Colorado, Arizona, and Georgia, building on its initial success in California. These states offer a combination of rapid pet population growth and lower real estate costs compared to coastal markets.

The introduction of Pay-As-You-Go pricing expands the company's appeal to price-sensitive pet owners, complementing its subscription-based model targeted at millennials. Services tailored to cats, exotic pets, or mobile vaccination could address underserved segments without requiring full clinic buildouts.

Veterinarian shortage: The ongoing shortage of licensed veterinarians constrains Modern Animal's capacity to scale clinic operations and increases labor costs. Competition for veterinary talent is intensifying as multiple venture-backed clinic chains expand within overlapping geographic markets.

Regulatory complexity: Variations in veterinary practice regulations across states, particularly regarding telehealth prescriptions and veterinary-client-patient relationships, present compliance challenges that may restrict service offerings or necessitate costly market-specific adjustments.

Unit economics pressure: The capital-intensive requirements of clinic expansion, combined with pricing competition from retail companies such as Chewy, could reduce margins and lengthen payback periods, potentially diminishing the attractiveness of geographic expansion relative to initial projections.