Embark Veterinary raised a $75M Series B at a $700M valuation. The company sells DNA tests designed to identify diseases in dogs and help extend their life span.
- The round was led by SoftBank Vision Fund 2 and is reportedly the largest Series B ever raised by a pet startup.
- Embark has now raised $94.3M since its inception in 2015.
- The company's revenue grew by 235% last year, but it didn't disclose exact numbers.
- The funds will be used to add 100 new employees to its current workforce of 92 by 2022.
- Pet-focused startups have raised over $2.05B since 2017.
- Americans spent $99B on their pets last year, up from $95B in 2019.