-28%

est. 2Y upside i

E-CommerceSeries B

Powering the animal health supply chain.

Rank

#3448

Sector

B2B E-commerce

Est. Liquidity

~4Y

Data Quality

Data: Low

Cautious outlook.

Last updated: July 3, 2026

Bull (10%)+47%

Exit multiple holds at 10x supported by an IPO window; revenue reaches $52M, common value nets to 46.8% upside after preference and dilution.

Base (45%)+5%

Multiple converges to 8x, revenue $52M, preference overhang limits common upside to 5.2% after dilution.

Bear (45%)-78%

Multiple compresses to 4x due to Chewy litigation and Covetrus competition, exit value $208M, preference leaves common with 78% loss.

Est. time to liquidity~4.0 years

Preference Stack Risk

severe

Funding Intensity

7650%

Total funding $153M vs estimated entry valuation $200M results in 76.5% preference overhang, common only participates above $153M exit.

Dilution Risk

high

Likely future capital raise inferred from $30M Series B in June 2025 and $153M total funding, assumed 20% dilution over 2 years.

Secondary Liquidity

none

No secondary market data or signals; illiquid private company.

Engineering — 6 roles

Account Management — 3 roles

Finance — 3 roles

Growth and Marketing — 3 roles

Design — 2 roles

Sales and Retention — 2 roles

Legal — 1 role

View all 24 open roles at Vetcove →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on Vetcove's data — designed to show you've done your homework.

  • 1

    “How does Vetcove plan to differentiate against Chewy's and Covetrus's integrated offerings?”

  • 2

    “What is the current take rate and how are you increasing it without alienating vendors?”

  • 3

    “What is the current 409A valuation and what is the strike price for options?”

Community

Valuation Sentiment

Our model estimates -28% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.