DN Capital co-Leads €5.1m Seed Round for ‘PetTech’ Start-up

DN Capital, the leading European early-stage venture capital firm, and health-tech VC, YZR Capital announce that they have led a €5.1m Seed round for filu, a German startup that builds modern tech-enabled veterinary clinics. Lukas Keindl, co-founder of US-based Bond Vet, Rivus Ventures and Auxxo Female Catalyst Fund also participated in the round.

filu is a pettech startup that is redefining the veterinary care experience in Germany through its technology, innovative design and “urgent care” approach to veterinary medicine.

With the boom in pet ownership, consumers are spending 73% more on pet care, defying the overall decline in consumer spend driven by the current macro-economic environment. A byproduct of these market trends is the impact on veterinary teams: long hours, low salaries, and high impact on mental health lead to overworked and burnt out staff, further worsened by poor working cultures in the veterinary care space.

Dr. Lena Naderer, co-founder and Chief Veterinary Officer (CVO) of filu, left her career in veterinary medicine and returned with a clear vision to redefine veterinary care in Germany. At the beginning of 2022, she joined her co-founders, Christian Köhler (CEO) and Justus Buchen (COO) to realize filu’s mission: to make a visit to the vet a real feel-good experience for veterinary professionals and pet owners in Germany.

filu’s first veterinary practice opened in Munich in February 2023. It has grown quickly, achieving profitability after just five months with incredible customer reviews. With the current seed funding, filu is set to redefine veterinary care in Germany.

Ian Marsh, Partner, DN Capital, commented: “We noticed the need for modern veterinary care and began mapping all the players in Europe. We immediately recognized that filu was standout amongst its peers and that the team is tackling a market that is largely fragmented and non-innovative.”

filu strives to establish itself as a leading employer brand in an industry struggling to attract and retain employees. The first cohort of filu vets and nurses are showing satisfaction with their new work environments, as evidenced by industry leading retention and huge influx of applications per position.

filu approach to customer service is also innovative, with simple, digital appointment booking and creation of an app that customers can use to manage their pet’s health from a single source.

The role model for this innovative approach to veterinary care is US-based Bond Vet, which has secured backing from Warburg Pincus and Talisman Capital Partners, and has opened more than 40 practices in the USA. filu built a strong relationship with the founder of Bond Vet, Lukas Keindl, who recognized the massive opportunity in the largely fragmented German market and joined filu as an angel investor and now sits on the board.

Lukas Keindl added: “After growing the leader of new-wave vet practices in the US, I immediately recognized the huge opportunity in Germany and am confident that filu will become the European leader.”