Mixlab Company Profile

Background

Overview

Mixlab, founded in 2017, is a modern veterinary pharmacy dedicated to providing high-quality compounded and commercial medications for animals of all sizes. The company partners exclusively with veterinarians to deliver personalized care, ensuring that pets receive tailored treatments that meet their specific needs. With a commitment to excellence, Mixlab has established itself as a leader in the pet healthcare industry.

Mission and Vision

Mixlab's mission is to revolutionize the pet pharmacy experience by offering customized medications and exceptional service to both veterinarians and pet owners. The company's vision is to become the most trusted healthcare brand for pet parents and veterinarians, enhancing the lives of pets through innovative and compassionate care.

Primary Area of Focus

Mixlab specializes in compounding medications, allowing for personalized dosages, forms, and flavors to suit individual animal requirements. Additionally, the company provides a range of commercial medications and over-the-counter wellness products, ensuring a comprehensive approach to pet health.

Industry Significance

The global pet care industry is experiencing significant growth, projected to reach $368 billion by 2030. Within this expanding market, Mixlab plays a crucial role by addressing the increasing demand for personalized veterinary care and efficient medication delivery, thereby enhancing the overall pet healthcare experience.

Key Strategic Focus

Core Objectives

• Expansion of Services: Broaden the range of products offered, including branded and generic medications, to become a one-stop shop for all pet health and wellness needs.

• Technological Advancement: Enhance the technology platform to streamline prescription management and improve operational efficiency.

• Geographical Growth: Increase the number of pharmacy locations to provide faster and more reliable service to a broader customer base.

Specific Areas of Specialization

• Compounded Medications: Tailor medications to meet the unique needs of individual animals, including adjustments in dosage, form, and flavor.

• Veterinarian Partnerships: Collaborate exclusively with veterinary professionals to ensure that prescriptions are accurately filled and delivered promptly.

Key Technologies Utilized

• Digital Prescription Management: Implement a proprietary platform that allows veterinarians to write and manage prescriptions efficiently, reducing administrative burdens.

• Customer Communication Tools: Utilize proactive text-based communication to keep pet owners informed about their pets' prescriptions and delivery statuses.

Primary Markets Targeted

• Companion Animals: Provide medications and wellness products for pets such as dogs, cats, and small mammals.

• Equine and Large Animals: Offer specialized compounding services for horses and other large animals.

• Exotic and Wildlife Species: Extend services to exotic pets and wildlife, ensuring tailored care for diverse animal populations.

Financials and Funding

Total Funds Raised

As of August 2023, Mixlab has raised a total of $40 million in funding.

Recent Funding Rounds

• August 2023: A $10 million funding round led by Vanterra Ventures, with participation from Lakehouse Ventures and others. This investment aims to enhance Mixlab's technology platform and expand operations nationwide.

• August 2021: A $20 million Series A funding round led by Sonoma Brands, with participation from Global Founders Capital, Monogram Capital, Lakehouse Ventures, Brand Foundry, and others. The funds were allocated to improve technology and expand same-day delivery services.

Notable Investors

• Vanterra Ventures: Led the August 2023 funding round, contributing to Mixlab's growth and expansion plans.

• Sonoma Brands: Led the August 2021 Series A funding round, supporting Mixlab's technological advancements and service expansion.

Intended Utilization of Capital

• Technology Enhancement: Develop and implement advanced features in the prescription management platform to improve efficiency and user experience.

• Operational Expansion: Open additional pharmacy locations to reduce delivery times and increase service reliability across the United States.

• Product Diversification: Expand the range of medications and wellness products offered to meet the diverse needs of pet owners and veterinarians.

Pipeline Development

Key Pipeline Candidates

• Compounded Medications: Continue to develop and refine custom formulations tailored to specific animal health requirements.

• Branded and Generic Medications: Introduce a broader selection of branded and generic medications to provide comprehensive treatment options.

• Over-the-Counter Wellness Products: Expand the range of wellness products available to support preventive care and overall pet health.

Stages of Development

• Research and Formulation: Ongoing development of new compounded medication formulations to address emerging health concerns in pets.

• Product Sourcing: Identifying and establishing partnerships with reputable manufacturers for branded and generic medications.

• Market Introduction: Gradual rollout of new products, starting with select markets and expanding based on demand and regulatory approvals.

Target Conditions

• Chronic Diseases: Develop medications for long-term conditions such as arthritis, diabetes, and heart disease.

• Acute Illnesses: Provide treatments for infections, injuries, and other urgent health issues.

• Preventive Care: Offer products that support overall health and prevent common ailments in pets.

Anticipated Milestones

• Product Launches: Scheduled introductions of new medication lines and wellness products in the coming quarters.

• Regulatory Approvals: Achieving necessary certifications and approvals for new products to ensure safety and efficacy.

Technological Platform and Innovation

Proprietary Technologies

• eMix Platform: A digital service that enables veterinarians to write prescriptions in seconds, track progress, and monitor therapy compliance, streamlining the prescription process.

• Client Portal: A self-service portal that empowers pet owners to manage orders, track deliveries, and access prescription information, enhancing customer engagement.

Significant Scientific Methods

• Compounding Techniques: Utilize advanced compounding methods to create customized medications that meet the specific needs of individual animals.

• Quality Assurance Processes: Implement rigorous testing and validation procedures to ensure the purity and potency of all medications, adhering to U.S. Pharmacopeia standards.

Leadership Team

Fred Dijols – Founder & CEO

Fred brings a background in medical devices and healthcare investment banking to Mixlab. His vision is to modernize the pet pharmacy experience by integrating technology and personalized care.

Stella Kim – Chief Experience Officer

Stella leverages her expertise in user experience to enhance Mixlab's customer interactions, ensuring a seamless and compassionate service for pet owners and veterinarians.

George Koveos – Chief Operating Officer

George, appointed in 2022, has a background in healthcare operations, previously serving as COO of Ro, a human healthcare platform. He focuses on scaling Mixlab's operations and expanding its service offerings.

Libby Loskota – Senior Vice President of Sales and Marketing

Libby, also appointed in 2022, has experience in global marketing, previously leading efforts at TaskUs. She is responsible for driving Mixlab's growth through strategic sales and marketing initiatives.

Competitor Profile

Market Insights and Dynamics

The pet healthcare industry is experiencing rapid growth, with increasing pet ownership and spending per pet. This expansion has led to a surge in demand for veterinary services and products, creating a competitive landscape for companies like Mixlab.

Competitor Analysis

• Airvet: Provides telehealth services for pets, connecting pet owners with veterinarians remotely.

• Digitail: Offers a comprehensive practice management platform for veterinary clinics, including telemedicine and client communication tools.

• The Vets: Operates a network of mobile veterinary clinics, offering in-home care services to pet owners.

Strategic Collaborations and Partnerships

Mixlab has formed strategic partnerships with various investors and veterinary organizations to enhance its service offerings and expand its market reach. Notably, the company