Investor overview · Seed round

The one place Chewy and Petco cannot reach — the pet’s living room.

PawPrime is an AI-dispatched network of independent mobile vets and groomers — built to plug into a retailer’s pharmacy and Autoship, and to be acquired by one.

$40BU.S. veterinary services market, growing ≈5% a year
$399.8MWhat Chewy paid for 29 Modern Animal clinics (Apr 2026)
~$6MCumulative funding to break-even in Year 3 (plan)
$105MYear-5 revenue target — ≈1.1% of serviceable market (plan)
The problem

Three parties, one missing touchpoint

Every player in pet care solves part of the puzzle. Nobody has industrialised the visit inside the home — where the care decision is actually made.

Pet parents

Care that needs a car ride.

A carrier, a waiting room, anxiety — worst for cats, senior or anxious pets and multi-pet homes, the owners most likely to delay or skip care.

Independent providers

No route, no engine.

Mobile vets, techs and groomers can’t build route density, a booking engine or their own admin — while corporate roll-ups consolidate around them.

Retailers

Everything but the visit.

Chewy and Petco own products, pharmacy, Autoship and the customer relationship — but not the moment care happens inside the home.

The gap: pet care is decided at a clinic or a website — when the pet, and the data, are in the home.
Why now

The window is open in 2026 — and closing

Four forces converge on the home visit. The argument is timing — the constraint is people, not buildings.

01 · Market
$165B

Big and still growing.

U.S. pet spend hit $158B in 2025 and projects to $165B in 2026; vet care & products alone were $41B.

APPA · March 2026
02 · Buyers
$399.8M

Buyers are shopping.

Chewy closed Modern Animal — 29 clinics, 24/7 virtual care, 100k+ member families, >$125M annualised revenue.

Chewy · April 2026 · 10-Q
03 · Incumbent
~300

Petco is capital-constrained.

About 300 in-store Vetco hospitals, but new hospital construction is paused — it needs care capacity without capex.

Petco · 2025–2026
04 · Supply
~76%

Capacity is people.

The U.S. will produce only ~76% of the veterinarians it needs through 2032. Brick-and-mortar can’t close that gap.

AVMA / Industry · 2026
So what: a software layer that routes existing independent vets is the only way to add care capacity without construction — or hiring a national veterinary workforce.
The solution

Three assets, one ordering pipe

We never hold stock. Every visit can queue a prescription or refill that — with consent — routes to the partner’s pharmacy.

Asset 01

Provider network

Independent mobile vets, techs and groomers, onboarded neighbourhood by neighbourhood. Independents — not employees. Closes the last-mile care gap no clinic can reach.

Asset 02

AI engine

Matching & routing, teletriage intake, consumption forecasting and care-plan prompts. Scheduling as a product — turning provider hours into capacity that scales.

Asset 03

Home health record

A digital record built from visits, wearables and remote triage that predicts what each pet needs next — exactly what runs an Autoship business.

The ordering pipe · not an inventory

One value loop. Each visit makes the next cheaper to earn.

Four AI models power the loop — matching, triage, forecasting and care-plan prompts.

1BookOwner books via PawPrime or partner app
2DispatchAI matches provider & routes the day
3VisitExam at home; record updated
4RouteRx / refill queued to partner pharmacy
5PredictForecast needs; queue Autoship & next visit
Market opportunity

A big market — and a narrow wedge

We are not claiming we will win the market — we are claiming a defensible, focused position.

  • TAM · ≈ $48BU.S. vet services (~$40B, +5%/yr) plus pet grooming (~$8B, within APPA’s $14.3B “other services”).
  • SAM · ≈ $9.6BHome-addressable routine & preventive care in the top 25 U.S. metros (≈20% of TAM).
  • SOM · ≈ $105M by Year 5About 1.1% of SAM. The plan doesn’t require winning the market — only a slice of it.
  • The niche grows fasterIn-home veterinary services: ~$1.65B (2024), ~9.2% CAGR.

TAM/SAM are derived estimates, not third-party figures. Sources: APPA (Mar 2026), Chewy investor materials (Apr 2026), Mordor Intelligence, Dataintelo.

Positioning

The empty quadrant

Two axes. Every major player occupies three quadrants. The fourth — home care plus a real commerce engine — is empty.

◀ Clinic / storeCare settingThe home ▶

Chewy · Petco

Owned clinics + Autoship + pharmacy — mature, well-paid, well understood.

Clinic · full commerce

PawPrime

Home visits + the partner’s retail and pharmacy. Expensive for a retailer to build (they’re building clinics instead), impossible for a home-vet startup to fill.

Home · full commerce — empty

Independent vet clinics

The legacy market — many practices, fragmented, decoupled from ecommerce entirely.

Clinic · no commerce

Rover · mobile groomers · home-vet startups

Services without commerce: no Autoship, no pharmacy, no scale.

Home · no commerce
▲ Full retail + pharmacyCommerce engine▼ None
PlayerWhere care happensCommerce engineGap
Chewy + Modern Animal~47 clinics after the deal, plus 24/7 virtual careAutoship + pharmacy · 21.7M active customersNo care in the home — clinics mature in 2–4 years
Petco~300 in-store Vetco hospitals1,378 stores · online · Petco PerksNew hospitals paused — capital-constrained
Rover (Blackstone)Sitting and walking in the homeNo health commerceNo vet care, no prescriptions
Home-vet startupsHome visitsNoneNo retail partner, no scale
PawPrimeHome visits, teletriage, telemedicineThe partner’s — by designBuilt to close all four gaps
Differentiation & moat

Four gaps we close — one moat that is not the app

Some gaps are operational. One — the prescription gap — is regulatory, and we treat it as an advantage.

Gap 01 · Care setting

Neither Chewy nor Petco runs routine care in the home. We do.

Gap 02 · Commerce

Home-vet startups have no retail or pharmacy engine. We design around the partner’s.

Gap 03 · Capacity

Footprint grows slowly and Petco can’t fund new hospitals. Software scales instead.

Gap 04 · Regulatory

Eight states (incl. Georgia) require an in-person VCPR. The home exam unlocks every later refill.

The moat — ranked, in honest order

1

Route density

Neighbourhood-by-neighbourhood supply coverage a buyer cannot buy quickly. Hardest to build.

2

Provider loyalty

Schedule control and dense routes keep independents on the platform.

3

Pet health record

Compounds over time and feeds Autoship — the moat of data.

The app is not the moat.

Chewy valued Modern Animal’s technology at $6.0M of a ~$399.8M price. Buyers pay for relationships, footprint and fit — so we build the three things a buyer can’t buy cheaply. Source: PPA allocation, Chewy Q2 FY2026 10-Q.

Revenue model

Capturing value — without selling product

Five streams. No product margin, ever: replenishment margin is the buyer’s core business, so we never compete with it.

StreamWho paysHow it worksWhy a buyer values it
Booking commission15–20%Provider (deducted from visit fee)Take rate on each vet or grooming visit.Proves demand and visit-level economics.
Care membership$20 / moPet parent24/7 teletriage, member pricing, priority booking, annual plan.Recurring revenue and retention — 100k+ member families came with Modern Animal.
Partner outcome feesPer customerChewy or PetcoPer new customer, Autoship enrolment or Rx routed.Paid only for outcomes the partner already measures.
Provider SaaSPhase 2 · $300/moProviderRouting, records and payment tools as a monthly plan.Keeps providers on the platform.
Demand insightsPhase 3PartnerConsented, aggregated forecasts of food, diet and Rx demand.Feeds the partner’s own inventory planning.

Pricing, take rate, membership and SaaS fees are planning inputs, not forecasts — to be validated in the pilot.

Unit economics

The math that has to work

Three units of scale. Each value is a planning input the pilot exists to confirm.

Unit 01 · One in-home visit$34Contribution per visit
Service order value
$225
18% commission
$40.50
Variable cost
−$6.50
Net contribution
$34.00

Visits priced ~30% above clinic rates.

Unit 02 · One active provider / month$3,540Revenue to PawPrime
Visits / month
80
Commission
$3,240
Provider SaaS (phase 2)
$300
Annualised
~$42.5k

Provider keeps ~$14,760 / month — the recruiting hook.

Unit 03 · One member / year~4×LTV / CAC
Membership
$240 / yr
Annual retention
60–70%
CAC (partner-assisted)
~$120
Payback
~7–8 months

Expected member LTV ≈ $720.

Financial projections

Five years — break-even in Year 3

The headline isn’t the hundred million. It’s the six million — capital efficiency is the story.

Total revenue

MetricY1Y2Y3Y4Y5
Active providers2575200450900
Visits (000s)15602004951,080
GMV$3.4M$13.7M$46.4M$116.3M$257.0M
Total revenue$1.13M$4.82M$16.83M$45.54M$105.33M
EBITDA−$2.27M−$3.37M+$0.94M+$9.60M+$30.46M
EBITDA margin−201%−70%+6%+21%+29%
~$6M

Cumulative funding through break-even. No inventory, no fleet, no clinic build-out. Membership revenue overtakes commission by Year 4.

Assumption-based planning model — not a forecast.

Go-to-market

The Atlanta wedge — and the six numbers buyers audit

The pilot is designed backwards from an acquisition. We start small, in a single metro.

≈6.4MMetro pop.
≈2.4MHouseholds
~25Y1 providers

Start with two services — wellness visits & vaccinations, plus mobile grooming.

Recruit on lifestyle — schedule control, dense routes, less admin.

One integration — prescriptions and product recommendations route to the partner’s pharmacy / Autoship.

Defer the broad “Amazon of Pet Care” brand and 24/7 teletriage until the core model is validated.

Why Atlanta

Team is here, the market is dense, and Georgia’s in-person VCPR rule (plus the new June 2026 telemedicine affidavit) makes the home exam the legal gateway — compliance friction we handle becomes a barrier for competitors.

The six numbers the pilot must produce

  1. Visits per provider per dayProves the routing engine works.
  2. Contribution margin per visit, after drive timeProves the unit economics.
  3. Member retention at 6 and 12 monthsProves recurring-revenue quality.
  4. Share of visits producing a routed prescriptionProves commerce attachment.
  5. Lift in partner net sales per active customer vs. controlThe number that sells the company — the metric Chewy used to justify Modern Animal.
  6. Provider retentionProves the supply side is durable.
Acquisition path

Who buys, why — and what comparable deals prove

Two buyers kept in play — neither one gets to unilaterally price the asset.

Strongest · Chewy

Owned + asset-light

21.7M active customers · Autoship = 84.6% of net sales · ~47 clinics · scaled pharmacy. Extends Chewy Vet Care without new leases — matches its stated strategy.

Credible second bidder · Petco

~300 store hospitals

Grooming, vaccination clinics, Petco Perks. Friction: contractor providers need a separate structure — Petco vets are employees.

Fallback · Private equity

Pet-services marketplaces

Blackstone owns Rover. Adds health services to an existing portfolio — the backstop buyer.

Chewy → Modern Animal · Closed Apr 2026
≈ 3.2× revenue

~$399.8M on ~$125M revenue and 100k+ members — ≈ $4,000 per member family. Buyers pay for member relationships and footprint, not technology.

■ Tech $6.0M■ Customers $39.0M■ Trademarks $19.0M■ Goodwill $221.6M
Blackstone → Rover · Closed Feb 2024
≈ 10.6× revenue

~$2.3B on ~$218M revenue. Pet-services marketplaces command premium multiples.

PawPrime sits deliberately at the intersection of those two deals — a pet-services marketplace in health, designed to be bought.

Roadmap & risks

Three phases, three gates

Capital is released against measured results, not milestones on a slide.

Phase 01 · 0–6 months

Atlanta pilot

~25 providers, two services, one metro.

Gate 1: provider utilisation at target
Phase 02 · 6–18 months

Integration

First partner pharmacy API; membership scaled.

Gate 2: Rx attachment ≥30%; 12-mo retention ≥60%
Phase 03 · 18–36 months

Expand & partner

3–5 metros; formal partnership → acquisition talks.

Gate 3: measured lift in partner net sales / active customer

What could go wrong — and how we handle it

RiskMitigation
VCPR & telehealth rulesHome exam establishes VCPR; in Georgia we file the Affidavit of Intent (new, June 2026).
Prescription authorityOnly licensed vets on the network write; fulfilment stays with the partner’s pharmacy.
Contractor classificationSoftware-and-scheduling model; separate structure for an employee-style buyer (Petco).
Records & privacyOwner-owned record, explicit consent, audited access; defined retention rules.
One-partner dependencyKeep two buyers engaged; retain direct brand and membership as standalone value.
Route density & leakageCity-by-city launch with density thresholds; hold both sides.
The ask
~$6M

One pilot partner & the six numbers.

Seed funding takes the Atlanta pilot to Gate 2. From there, the metrics — not the pitch — carry the acquisition conversation.

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