Otto, formerly known as TeleVet, the leading customer engagement platform tailored for veterinary clinics, has announced the successful completion of a $43 million Series B equity financing round. The funding round includes participation from existing investors Mercury Fund and Boehringer Ingelheim, alongside new investor Hill’s Pet Nutrition. In addition to the funding, the company is experiencing remarkable growth and enhancing its offerings to veterinary professionals.
The financing round aligns with Otto’s recent impressive growth, expanding its customer base to encompass over 8,000 veterinary professionals within the last two years. The company’s core communication platform, Flow, has been significantly upgraded and now features modern payment solutions. In April, Otto unveiled its pioneering Care membership plans.
Zeynep Young, CEO of Otto, emphasized the company’s achievements: “We’re proud that Otto is one of the fastest-growing veterinary software companies in the country. Our team has worked incredibly hard to deliver value out of the gate with minimum complexity.” Otto’s efforts are yielding substantial results, as clinics utilizing the platform are experiencing improved efficiencies, such as 66% faster intake, 50% fewer no-shows, and a 40% increase in prescription sales, among other benefits.
The rebranding to Otto from TeleVet signifies the company’s expansion beyond telemedicine into a comprehensive customer experience approach. Otto stands out in the industry due to its seamless practice management system (PIMS) integrations, featuring Cornerstone, Neo, AVImark, Impromed, eVetPractice, ezyVet, and more. Otto’s system communicates automatically with clinics’ PIMS, ensuring accurate data while saving valuable clinic staff time.
Nicki Baty, President and General Manager of Hill’s Pet Nutrition US, highlighted Otto’s significance: “Otto’s cutting-edge automation and technology solutions empower veterinary clinics to seamlessly manage daily tasks while maintaining the highest standards of care.” The partnership with Otto aligns with Hill’s objective of supporting veterinary healthcare teams and offering streamlined nutrition recommendations.
The company’s commitment to customer experience is evident through its dedicated teams working closely with DVM-owners and practice managers to tailor the Otto experience to each clinic’s specific needs. With a customer satisfaction rating of over 90% for onboarding and support, Otto places paramount importance on delivering value swiftly.
Co-founders Steven Carter and Price Fallin expressed their dedication to driving positive change: “When we started this company, we aimed to significantly change lives for the better. We help veterinary teams build a modern, resilient clinic with happy clients and healthy boundaries, and we’re excited for the opportunity to continue to innovate and change with the needs of the industry. This is our life’s work, and it shows.”
The new funding and rebranding are poised to further propel Otto’s mission of enhancing the veterinary industry through advanced technology and superior customer engagement solutions.
