By Nancy Dahlberg
Look no further than your neighborhood dog park to be convinced the $136 billion US pet industry is booming. These days, two-thirds of American households own one or more pets. The majority of them see their pets as members of the family, according to Pew research. What’s more, millennials have emerged as the largest group of pet owners.
While keeping those furry family members healthy is top of mind, the pet health market is also highly fragmented. It’s not easy to find a one-stop-shop for all your pet health needs, particularly at the speed of digital demanded by millennials. And for veterinarians and pet pharmacies, coordination and ordering is time consuming, resulting in inefficiencies. These are the issues, along with rising costs, that a Miami-based pet health company is aiming to solve.
P3 Technologies, also known as P3T, is a pet health technology and solutions company on a mission to redefine the way pet parents, pet insurers, and veterinarians access and receive medical care. P3T is doing this by integrating technology with patient-centric pet care, and strategic acquisitions.
P3T announced the close of a $10 million investment round and the strategic acquisition of two pet pharmacies, Heartland Veterinary Pharmacy and VetApproved Pharmacy. The round was made up of existing strategic investors, who were not disclosed.
The new funds and the acquisition will enable P3 Technologies to expand its services, invest in advanced technology and hire additional professionals.
“The team at P3T led by Rob Levin have built a company that is making an enormous impact on the pet industry,” said James Harrison, founder of P3T and partner at Clarke Capital, which was also an early investor in P3T. “Our team embodies this city’s dynamic and ambitious spirit, and this investment reaffirms our dedication to innovation benefiting the overall pet health experience.”
Rob Levin [pictured below], P3T’s CEO and also a Miami resident, said the acquisition of Heartland and VetApproved was a strategic move to enable P3T to become a one-stop shop for everything from prescriptions to insurance to care services.
“One prong of our strategy is to empower the vet, bring them back into the mix, let them capture recapture lost profits, and do it in a seamless way, and we provide a turnkey solution to do all of that,” Levin explained, in an interview with Refresh Miami.
Making pet insurance, pet wellness plans and financial tools available is also critical to their strategy, and they built a marketplace where pet owners can shop for the right coverage. Then came an online direct claims processing platform. Through contracts with 12 leading insurance companies, submitting a claim is just one click, he said, “a huge benefit for the pet owner and it also reduces the processing cost for the insurer.”
The last piece of their strategy is providing prescriptions through the pharmacies they now own. “Our vision is to make care accessible, affordable and understandable for the pet owner and put the vet back in charge as the trusted adviser and then work on the cost side to keep costs down,” Levin said.
The company is now a team of 49 people. They plan to integrate the pharmacies into their platform by early next year, and also plan to roll out an enhanced claims processing platform, pharmacy benefits for insurers, and a couple of other products on their roadmap over the next couple of quarters.
P3T seeks to hire a data analyst and the head of data analytics and finance, two full-stack developers, an iOS position, and a project manager, among other roles. Levin said he will probably hire 10-12 people in total over the next few months and “I would really love to hire them here.”
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