Advancing the world of veterinary medicine
MTAF2.0 | $9M | Multiple Awards
Covetrus, a global business that provides products, services, and technology to veterinarians so they can run their practice and deliver care more effectively, has worked with MTI since their startup founding. Through name changes—from FetchDog to Vets First Choice and now Covetrus—and growth phases, the business has used MTI’s assets to accelerate its growth.
When the company first approached MTI in 2008, it was a startup entity with just two founders as employees. MTI provided early-stage funding and a critical validation of their innovative solution for veterinarians. Since then, MTI has awarded several small grants, a loan and eventually took an equity position in 2012.
MTI eventually enjoyed a 6X investment return on its equity investment in the company. True to MTI’s mission and mandate, the company shared its success with Maine taxpayers by not only creating jobs and generating tax revenue but by providing repayment and investment return to MTI that was used to help support other innovative companies looking to launch and grow in Maine.
In 2018, Covetrus received a $9 million grant from the Maine Technology Asset Fund 2.0 program, and matched it with more than twice that amount, to build a new corporate facility in Portland, Maine. This multi-million-dollar project, completed in 2022, includes an automated fulfillment center, a first-rate technology, science, engineering, and math center, and a state-of-the-art specialty pharmacy.
The Portland facility is the company’s fourth commercial and compounding pharmacy in the United States. It also serves as the company’s headquarters and primary service point for east coast customers.
For Covetrus, investing in pharmacy automation and its prescription management business is critical. By improving its pharmacy operations, Covetrus is able to provide better outcomes in terms of veterinary practices and overall animal health.
The modern specialty pharmacy also helped strengthen their relationship with the University of New England School of Pharmacy. By providing hands-on exposure to technology, students can gain practical and clinical pharmacy experience. This project was key to helping Covetrus drive and deliver innovative solutions across the country for veterinary practices and their animal patients.
As of 2022, Covetrus employs more than 6,000 people worldwide. And, Covetrus serves the entire North American-based veterinary market in some capacity– which means reaching over a quarter billion pet owners and almost half a billion animals.
Innovation drives the company’s competitiveness. With support from partners like MTI, Covetrus continues to focus on improving veterinary practices and animal health through technology.