Ames-based GlobalVetLINK announced a “significant investment” Thursday afternoon from Lead Edge Capital, according to a news release.
Brian Steffen—Director of Sales and Marketing for GlobalVetLINK—told Clay & Milk that terms of the investment were to be kept confidential. He said this is the first time the company has raised capital, and they were working on the deal since the summer of 2017.
Lead Edge Capital will hold three seats on the GlobalVetLINK Board of Directors, according to the release.
“We are planning on doubling the size of our team over the next two years,” Steffen said Friday morning. “The funds are going to be invested towards growing our employee base, predominately in product management and product development.”
GlobalVetLINK launched in 2001 and connects animal health stakeholders by offering real-time, web-based solutions to improve animal wellness and safety. GlobalVetLINK services support animal health practitioners to establish protocols that will help improve their business in all aspects including saving money and time.
In the last three years, Steffen said the company has grown quicker than expected. In 2017, he said GlobalVetLINK added as many customers as it had the previous three years combined.
Lead Edge Capital is based in New York and invests in growth stage software and internet businesses. Other companies in their portfolio include Spotify and Uber.
This is the first investment in animal health for Lead Edge Capital.
“Some of those private equity firms have sources for their fund that are union pensions or university pension, but with Lead Edge Capital they actually fund through a series of private investors,” Steffen explained. “Then they serve as limited partners who actually provide support for companies Lead Edge invests in. They become a collaborative partner.”
Steffen said GlobalVetLINK is in the process of developing and preparing to launch new products in 2019.
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