A $223 million investment in Vets First Choice of Portland in July was among the 10 largest U.S. venture capital deals of the third quarter, according to a report by PricewaterhouseCoopers.

The investment ranked 10th-highest among all venture capital deals in the U.S. during the third quarter, according to the quarterly PwC/CB Insights MoneyTree report, issued Wednesday. It was the only major venture capital investment reported in Maine for the quarter.

Vets First Choice, which provides e-commerce services to veterinary clinics, announced in July that it had received funding from a group of investors led by New York-based Clayton, Dubilier & Rice and Beijing-based Hillhouse Capital Group, with participation from Viking Global Investors, Wellington Management Co., Rock Springs Capital and Sequoia Heritage. It was the largest single venture capital investment in a Maine company since 1997.

The purpose of the $223 million investment is to accelerate the company’s growth and hiring, launch new services and begin a global expansion effort into Europe and Asia, the company said.

According to the MoneyTree report, total venture capital investment in Maine companies in 2017 was $223.8 million as of the end of the third quarter. It said the largest venture capital deal closed in the third quarter nationwide was a $1.7 million investment in New York-based WeWork, a provider of co-working spaces, by SoftBank Group.

J. Craig Anderson can be contacted at 791-6390 or at:

[email protected]

Twitter: @jcraiganderson


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