Rarebreed Veterinary Partners has closed on a $36 million funding round from private investors.
The company plans to put the money toward its “primary goal of practices expansion,” according to a news item on its website. Its business model involves buying a controlling share of veterinary practices and running administrative operations, such as payroll and employee benefits.
The round brings the firm to $42 million in funding since its founding in 2018.
Rarebreed is growing, with plans to triple its number of practices by the end of the year. As of right now, it owns 10 clinics.
Rarebreed hopes to reach 35 practices by the end of 2020, which means it will be looking for 700 more employees. As of right now, Rarebreed has 200 employees at its investment practices, and it employs 15 at its Portland headquarters on Danforth Street.
Rarebreed co-founder and CEO Dan Espinal points out that it is difficult for veterinarians to practice medicine and run business operations daily. Espinol co-founded Rarebreed with Sean Miller, also a former IDEXX employee who is Rarebreed’s chief operating officer, and with Matt Campbell, a local Maine investor. He also was in charge of the development strategy for IDEXX.