Bridge Bank Provides $6 Million Venture Debt Term Loan to Mixlab, a Pet Pharmacy Platform
Bridge Bank today announced that its Boston-based Technology Banking Group has issued a venture debt term loan of $6 million to Mixlab, the modern pet pharmacy that partners with veterinarians to deliver the highest level of care at home.
Mixlab will use the funding to further its revenue growth by enhancing its technology offering, scaling sales and marketing efforts and expanding to provide same-day delivery across new geographies.
“Supporting the team at Mixlab as they work to extend their reach and achieve their growth goals is extremely rewarding,” said Darren Gastrock, director in Bridge Bank’s Boston-based Technology Banking Group.
“We are geared to helping innovative clients across the country, like Mixlab, meet their ambitions,” added Roger Klarmann, senior director in Bridge Bank’s Technology Banking Group.
Bridge Bank earned the capital financing relationship through a competitive bid process led by debt financing adviser Cafferty & Company, which served as an independent adviser to Mixlab on the transaction.
Mixlab’s platform manages the home delivery of pet medications, which reduces a clinic’s on-site pharmacy inventory and streamlines the medication workflow for veterinarians. The company also operates its own compounding pharmacies where it creates custom, on-demand medications in personalized dosage, form and flavor profiles in partnership with veterinarians.
“It’s great to have a banking partner like Bridge Bank that understands how much the right financing can help a fast-growing company,” said Fred Dijols, chief executive officer and co-founder of Mixlab. “These funds will help Mixlab expand and deepen our reach to veterinarians and pet parents across the country.”
Bridge Bank’s Technology Banking Group provides financing solutions to companies in a variety of technology sectors at any stage in the growth cycle. From inception through IPO, the Technology Banking Group is a leading financial resource to companies nationwide that are focused on bringing new technologies to market.
Mixlab is the modern, best-in-class pet pharmacy, based in New York and Los Angeles, that partners with veterinarians to make their jobs easier and deliver the highest level of care to pet parents. Mixlab is digitally transforming the veterinarian-led prescription medication process while delivering a superior customer experience for pet parents. Founded in 2017, the company was built upon three core values — #makeithappen, #dowhatsright and #mixedwithlove. The Mixlab team does everything that it takes to deliver the best personalized care to pets, in the fastest and most joyful way possible. Mixlab has financial backing from Sonoma Brands, Global Founders Capital, Monogram Capital, Lakehouse Ventures, Brand Foundry, and others. Read more about Mixlab at www.mixlab.com.
Bridge Bank, a division of Western Alliance Bank, Member FDIC, delivers relationship banking that puts clients at the center of everything. Founded in 2001 in Silicon Valley, Bridge Bank offers a full spectrum of tailored business banking solutions throughout the Bay Area and has specialized expertise focused on life sciences and technology and innovation companies, at every stage in their life cycle, through its offices in major tech hubs across the country. Bridge Bank also serves the private equity and venture capital communities and provides business escrow services. Bridge Bank is part of Western Alliance Bancorporation, which has more than $65 billion in assets and ranked #1 among top-performing large banks with assets greater than $50 billion in 2021 by both American Banker and Bank Director. As a regional bank with significant national capabilities, Bridge Bank delivers the reach, resources and local market expertise that make a difference for customers.