FirstVet shares
Unlisted company
FirstVet was founded in 2016 as a digital veterinary clinic where pet owners consult licensed veterinarians through video calls in an app. The pet owner downloads the app, registers their pet and enters their insurance number, after which video consultations can be booked directly. During the call, the veterinarian assesses the animal’s condition via the camera, provides treatment advice or issues a prescription, and refers the animal to a physical clinic when necessary.
From video consultations to a complete ecosystem
The business has expanded to include e-commerce offering veterinary food, dietary supplements, care products and prescription medicines through its own pet pharmacy, as well as the 2288 Djurens Vårdguide service, a telephone-based healthcare advisory service operated in partnership with insurance companies that makes an initial assessment and guides the pet owner towards home care, a digital veterinary consultation or a physical clinic.
How the company makes money
Revenue is generated through reimbursement from pet insurance companies for digital veterinary consultations included in the insurance policy, direct payments from pet owners who do not have insurance or book services outside the scope of their insurance coverage, and product sales through the e-commerce platform. Agreements with pet insurance companies mean that consultations are effectively free of charge for insured pet owners, making the insurance companies the primary customer acquisition channel. During the video consultation, veterinarians can recommend and link to products in the company’s own online store, connecting the advisory service with product sales.
Markets and group structure
FirstVet operates in parts of the Nordic region, the rest of Europe and the US. The group consists of the parent company FirstVet AB and subsidiaries active in e-commerce, veterinary services and clinic comparison. The company has undergone a strategic refocusing in which less profitable markets have been discontinued to concentrate resources on its core markets.
Growth strategy
The growth strategy is organic and based on the company’s ambition to be the primary point of contact for pet owners. The company is expanding its range of services step by step, with the pharmacy described by the company as the natural next step after video consultations and e-commerce. Geographic expansion takes place through entry into new markets via partnerships with local insurance companies that provide access to broad customer bases.
Revenue model
Insurance reimbursement, direct payment and e-commerce
Agreements with all Swedish pet insurance companies
Ecosystem: advice, pharmacy, food, clinic comparison
Key characteristics
Video calls as the first point of contact
Platform with affiliated licensed veterinarians
Organic growth through new insurance partnerships
Financial performance
Published 6 October 2026Published figures from the company’s own reports. Amounts in MSEK · change from the previous year
- Burn rate
- 6.6MSEK/mo
- Equity ratio
- 38.8%
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Net sales | 232(+50.1 %) | 155(-16.3 %) | 185(+8.3 %) | 171(+69.4 %) |
| Revenue growth | 50.1%(+66.3 pp) | -16.3%(-24.5 pp) | 8.3%(-61.1 pp) | 69.4%(-5.8 pp) |
| EBITDA | -74 | -99 | -135 | -154 |
| EBIT | -81 | -106 | -140 | -158 |
| Net income | -112 | -88 | -141 | -137 |
| Cash and bank | – | 121(+551.8 %) | 19(-71.1 %) | 64(-72 %) |
| Operating cash flow | -79 | -95 | -109 | -173 |
| Equity ratio | 38.8% | – | – | – |
Documents and reports
4New share issues
Latest 1An overview of the company’s capital raising.
| Date | Capital raised | Valuation |
|---|---|---|
| SEK 278m | SEK 1bn |
Questions about FirstVet
Is FirstVet publicly listed?
No, FirstVet is a private limited company and is not publicly listed. The company has not completed an IPO, so its shares are not traded on a regulated stock exchange, but rather on the unlisted market.
What does FirstVet do?
FirstVet is a Swedish animal health company that offers digital veterinary care via video consultations, as well as e-commerce for animal health products, pet food, and prescription medicines. The service is aimed at owners of dogs, cats, and horses.
Can I buy shares in FirstVet?
Yes, it is possible to buy FirstVet shares through trading in unlisted shares, provided that there are sellers. Through Eqvor, you can place a buy order and be matched with sellers in the unlisted market.
How do I sell shares in FirstVet?
If you own shares in FirstVet, you can place a sell order through Eqvor and be matched with buyers. When a buyer and seller are matched, the transaction is completed and the change of ownership is recorded in the company’s share register in accordance with the company’s current procedures.
Is FirstVet affiliated with Euroclear?
No, FirstVet is not currently affiliated with Euroclear. This means that the shares are registered directly in the company’s share register and not through the Swedish securities system.
Can I hold FirstVet shares with Avanza or Nordnet?
Since FirstVet is not affiliated with Euroclear, the shares normally cannot be held in a standard securities account with Avanza or Nordnet. Instead, ownership is registered directly in the company’s share register.
Does FirstVet have post-transfer purchase rights or rights of first refusal?
The available company information does not indicate whether FirstVet is subject to post-transfer purchase rights or rights of first refusal. If such terms apply, they are handled in connection with any share transfer in accordance with the company's shareholders' agreement or articles of association.
At what price is the FirstVet share traded?
As FirstVet is not listed on a stock exchange, there is no official market price on a regulated marketplace. Instead, the price is determined by supply and demand between buyers and sellers in the unlisted market.
When will FirstVet be listed on the stock exchange?
There is currently no publicly announced timetable for a stock market listing of FirstVet. We therefore do not know when FirstVet may be listed or whether the company will carry out an IPO.
What are the risks of investing in FirstVet?
Investing in FirstVet involves risk, just like other investments in unlisted shares. The company’s valuation may be affected by customer growth, insurance partnerships, competition, regulatory issues, capital requirements, and demand for digital veterinary care and animal health products. Trading in unlisted shares also normally involves lower liquidity than trading in listed shares.
Where can I find FirstVet's annual report?
FirstVet's annual report can be found under Investor Relations and Financial Reports. The company's annual reports are available there for download.
Has FirstVet carried out any share issues?
Yes, FirstVet has carried out capital raises and previous new share issues. FirstVet's Capital raised is stated as SEK 836.2 million, which shows how much capital the company has raised through previous financing.
How much capital has FirstVet raised in total?
FirstVet's Capital raised is stated as SEK 836.2 million. An equity raise is a term for raising capital, but terms such as funding round, financing or share issue are often used.
Has FirstVet reported a profit or a loss?
FirstVet reports a negative result in the latest available information. Under Key figures, EBITDA is stated as -98,769 TSEK and net profit as -88,225 TSEK. The company’s earnings development is also shown in the Results by year chart.