CHARLOTTE – PetFolk, a chain of veterinary care providers, has closed on a $40 million round of investment capital.

Movendo Capital led the Series B round. Existing investors White Star Capital and Idea Farm Ventures along with others participated in the funding, which was announced Thursday.

The company plans to have 11 locations in operation before the end of 2023 and looks to add another 20 in 2024.

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“I saw a world where it was getting harder and harder for veterinarians to start their own practices. Today’s veterinarian is leaving veterinary school with over $180,000 in debt, and the last thing they want to do is take on additional debt to open a practice. I wanted to show vets a path to ownership without the risk. A path where Petfolk takes care of all the heavy lifting so that our Partner Veterinarians can focus on providing quality care and strong medical outcomes for their pets. Petfolk is built by vets, for vets,” said CEO Dr. Audrey Wystrach.

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“We believe strongly in Petfolk and its vision to make veterinary care more transparent, more accessible, and more welcoming. In particular, Petfolk’s strong team, led by Dr. Wystrach, along with the high quality of service and attention to detail at their care centers, continue to stand out,” says Pedro Pereira Gonçalves, CEO at Movendo Capital. “We are excited to help Petfolk become the go-to destination for pet owners and veterinary clinicians alike.”