Inspire Veterinary was incorporated in the state of Delaware in 2020 and on June 29, 2022, converted into a Nevada corporation. The Company owns and operates veterinary hospitals throughout the United States. The Company specializes in small animal general practice hospitals which serve all manner of companion pets, emphasizing canine and feline breeds. As the Company expands, additional services are becoming a part of the offerings at its hospitals, including mixed animal facilities, critical care and other specialty services, and, as of December 2022, equine, or horse, care and emergency in one location. As of the date of this prospectus, the Company currently has thirteen veterinary hospitals located in nine states. Inspire Veterinary has expanded and plans to further expand through acquisitions of existing hospitals which have the financial track record, marketplace advantages and future growth potential. Because the Company leverages a leadership and support structure which is distributed throughout the United States, acquisitions are not centralized to one geographic area; the Company recently acquired its first veterinary hospital in the Northeast with the acquisition of Williamsburg Animal Clinic in Williamsburg, Massachusetts. Services provided at the Company’s hospitals include preventive care for companion animals consisting of annual health exams which include: parasite control; dental health; nutrition and body condition counseling; neurological examinations; radiology; bloodwork; skin and coat health and many breed specific preventive care services. Surgical offerings include all soft tissue procedures such as spays and neuters, mass removals, splenectomies and can also include gastropexies, orthopedic procedures and other types of surgical offerings based on a doctor’s training. In many locations additional means of care and alternative procedures are also offered such as acupuncture, chiropractic and various other health and wellness offerings. Inspire Veterinary Partners, Inc. 780 Lynnhaven Parkway Suite 400 Virginia Beach, Virginia.
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1. HCA Healthcare for pets
2. The Marriott of veterinary clinics
3. Lithia Motors for veterinary clinics
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Direct Veterinary Care: Provides comprehensive medical, surgical, and wellness services for companion animals through its network of veterinary hospitals.
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Veterinary Practice Management: Offers operational, administrative, and business support services to the veterinary clinics it owns and operates.
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Inspire Veterinary Partners (symbol: IVP) operates and manages veterinary hospitals. As such, the company sells its services primarily to individuals – specifically, pet owners who bring their animals to IVP's clinics for care.
The company serves the following categories of customers:
- Pet owners seeking general and preventative veterinary care: This category includes individuals who utilize services such as routine check-ups, vaccinations, parasite control, dental care, and wellness visits to maintain the long-term health of their pets.
- Pet owners requiring urgent, emergency, or specialized medical attention: This segment comprises customers whose pets need treatment for acute illnesses, injuries, surgical procedures, advanced diagnostics, or management of chronic and complex medical conditions.
- New pet owners or owners of young animals: These customers often seek initial vaccinations, spay/neuter procedures, microchipping, and guidance on pet nutrition, behavior, and general care for their new or young companions.
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Kimball Carr, Chairman, Chief Executive Officer, and President
In his 30-year career, Kimball Carr has overseen the delivery of over $1 billion in revenue during leadership tenures with companies such as Starbucks Coffee, Mars Incorporated, and Trupanion. He brings extensive experience in operations, multi-unit management, and the veterinary medicine sector, having spent over a decade building cross-functional teams and achieving consistent year-over-year results.
Richard Frank, Chief Financial Officer
Richard Frank has over 25 years of diverse experience in financial management, business leadership, and corporate strategy. He served as CEO at Purcell, Flanagan, Hay & Greene, P.A. from 2021 to 2022 and CFO at Skygeek.com from 2020 to 2021. His career also includes roles as COO/CFO at Beval Saddlery Ltd., BLUE CHIP FARMS LLC, Indotronix International, and Microcast, Inc. At Microcast, Inc., he was instrumental in securing private equity financing. He also executed an IPO as VP/Controller at FactSet Research Systems.
Charles Stith Keiser, Vice Chairman and Chief Operating Officer
Charles Stith Keiser brings years of experience in veterinary hospital ownership, having founded numerous veterinary companies and worked with hundreds of clinics nationwide.
Lynley Kees, Chief People Officer
Lynley Kees has a diversified 25-year career, successfully translating business strategy into actionable, full-cycle integrated team and talent strategies. She possesses deep experience in leading HR and organizational development for Fortune 100 companies.
Laura Johnson, Vice President of Operations
Laura Johnson contributes over 16 years of progressive leadership experience in multi-site veterinary health operations to the team.
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The increasing adoption and sophistication of pet telehealth platforms pose a clear emerging threat. These platforms allow pet owners to consult with veterinarians remotely for a range of issues, including diagnostics, follow-up care, and prescription management. This reduces the necessity for in-person visits to brick-and-mortar veterinary hospitals, potentially impacting revenue from routine examinations, procedures, and in-clinic product sales that form a core part of Inspire Veterinary Partners' business model. This parallels the disruption of physical video rental stores by streaming services.
Additionally, the expansion of highly organized and tech-enabled mobile veterinary services presents another emerging threat. These services bring veterinary care directly to the pet owner's home, offering a convenient alternative to traditional clinics for routine check-ups, vaccinations, and minor medical issues. If these mobile services achieve significant scale and market penetration, they could capture a substantial portion of the routine care market, akin to how ride-sharing services disrupted traditional taxicab businesses by offering a more convenient and often more accessible service.
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Inspire Veterinary Partners (IVP) operates veterinary hospitals in the United States, specializing in small animal general practice for companion pets, including canine, feline, and some equine care. The company provides a range of services such as preventive care, surgical services (soft tissue and orthopedic), dental health, nutrition and body condition counseling, neurological examinations, radiology, bloodwork, and alternative procedures like acupuncture and chiropractic.
The addressable market for Inspire Veterinary Partners' main products and services is primarily the veterinary services market in the United States.
U.S. Veterinary Services Market
The U.S. veterinary services market reached an estimated size of $66 billion in 2024. This market is projected to expand to $70 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 1.2% over that five-year period. Another estimate places the U.S. veterinary services industry revenue at $68.7 billion in 2025, with a CAGR of 1.7% between 2020 and 2025.
U.S. Veterinary Hospital Market
More specifically, the U.S. veterinary hospital market was valued at approximately USD 23.8 billion in 2024. This market is a significant component of the broader veterinary services industry, encompassing the facilities and a wide array of medical and surgical services provided to companion animals.
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Here are 3-5 expected drivers of future revenue growth for Inspire Veterinary Partners (IVP) over the next 2-3 years:
- Acquisition Strategy and Geographic Expansion: Inspire Veterinary Partners is actively pursuing an acquisition strategy, focusing on acquiring existing veterinary hospitals with strong financial track records. The company completed its fifth acquisition in Florida in 2024 and has signed a Letter of Intent to establish its first facility in New Jersey, marking its 15th nationwide location. This New Jersey acquisition alone is projected to contribute approximately $2 million in annual revenue. The company anticipates additional acquisition agreements in late 2025 and early 2026.
- Growth in Client Enrollments and Comparable Clinic Revenue: IVP has observed a significant increase in new client enrollments across its network. Additionally, the company reported a 5.7% increase in comparable clinic revenues in the second quarter of 2025, indicating organic growth and improved performance within its existing veterinary hospitals.
- Operational Enhancements and New Business Verticals: Inspire Veterinary Partners has implemented a comprehensive rollout of cloud-based Electronic Medical Record and Practice Management Software across all clinics, along with the introduction of AI-driven medical transcription tools to enhance productivity. The company is also developing new business verticals to expand its service offerings. These improvements are expected to streamline operations, potentially increase service capacity, and introduce new revenue streams.
- Recruitment and Retention of Veterinary Professionals: The successful recruitment of nine new veterinarians since the beginning of 2025 directly supports the company's capacity to serve more clients and handle an increased volume of veterinary services. Furthermore, efforts to enhance compensation and benefits plans, including equity offerings for all employees, aim to improve retention and ensure adequate staffing for continued growth.
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Share Repurchases
No information available regarding share repurchases or authorized share repurchases for Inspire Veterinary Partners (IVP) within the last 3-5 years.
Share Issuance
- Inspire Veterinary Partners raised approximately $6.4 million in its Initial Public Offering (IPO) on August 30, 2023, by issuing 1,600,000 shares of common stock at $4.00 per share.
- In October 2024, the company completed a $2.5 million registered direct offering, selling 10,000,000 shares of Class A common stock at $0.25 per share to institutional investors, with proceeds intended for working capital, strategic investments, and potential future acquisitions.
- In March 2025, IVP announced a registered direct offering to raise $2.0 million through the sale of 1,092,896 shares of common stock (or pre-funded warrants) at $1.83 per share, which also included Series A and B warrants potentially providing an additional $4.0 million if fully exercised.
Inbound Investments
- On July 28, 2025, Inspire Veterinary Partners secured up to $7.59 million in funding through a private placement of Series B convertible preferred stock and accompanying warrants; the first closing on July 29, 2025, generated approximately $5 million.
- A convertible preferred stock transaction valued at up to $10 million was announced in August 2025, with an initial closing expected to generate $6 million through cash and securities, aimed at general working capital, acquisitions, and addressing Nasdaq compliance.
Outbound Investments
- Inspire Veterinary Partners acquired Valley Veterinary Services, Inc. in August 2023.
- In June 2025, the company acquired DeBary Animal Clinic in Florida, an acquisition projected to add $1.8 million in annual revenue.
- A non-binding Letter of Intent was signed for the acquisition of a New Jersey-based animal hospital, expected to close in Q4 2025, which would add approximately $2 million in annual revenue and expand the network to 15 facilities across 11 states.
Capital Expenditures
- Capital expenditures for FY2024 amounted to $237,983, representing a 37.98% decrease from the previous year.
- For the three-year period leading up to Q2 2025, Inspire Veterinary Partners' capital expenditures averaged around $65,457.
- In 2025, the company deployed new infrastructure investments, including talent management systems and enhanced purchase and inventory management systems.
