Funding profile · Veterinary care
Dr. Treat
A San Francisco veterinary clinic operator that reports a $10.5 million to $11 million seed round. The one SEC filing found under its name is not from the company itself but from an investment vehicle organized around it.
$10.5MSeed round, company-reported, closed in 2022
$11.0MTotal raised, one round, per an independent funding tracker (closed Dec 2023)
$73,250Sold by an SPV named for Dr. Treat, 8 investors, Form D filed Sep 2024
Data as of September 25, 2026. Company-reported figures are labeled.
Rounds at a glance
| When | Round | Amount | Investors | Source |
|---|---|---|---|---|
| 2022, per company | Seed | $10.5M | Y Combinator, Liquid2, Epic Ventures, Quarry Ventures, Builders VC, Garuda Ventures, Scrum Ventures, UpHonest Capital, Rebel Fund; angels including Ben Silbermann, Divesh Makan, Ravi Sajwan, Mick Murray, Caterina Fake | Company release |
| Closed Dec 2023, per tracker | Seed | $11.0M | Y Combinator, Builders VC, Liquid 2 Ventures | Funding tracker |
| First sale Apr 30, 2024; filed Sep 11, 2024 | SPV: “DR TREAT A SERIES OF VUVP FUND LLC” | $73,250 sold of $73,250 offered | 8 investors; administered by Finally Fund Admin LLC | Form D |
The 2022 and 2023 to 2024 rows may describe the same underlying seed round reported at two different points, or two different events. Neither source explains the gap, and no company filing settles it.
What the filings show
DR TREAT A SERIES OF VUVP FUND LLC · Form D · filed Sep 11, 2024
- First sale
- Apr 30, 2024
- Total offering
- Decline to disclose; minimum investment $5,000
- Sold
- $73,250 · $0 remaining
- Investors
- 8 · average about $9,156
- Exemptions
- Rule 506(b); Investment Company Act 3(c)(1)
- Related persons
- Finally Fund Admin LLC (Issuer’s Manager, Director); Nhi Nguyen (Officer of the Issuer’s Manager); Joseph Fernandes (Managing Director of the Issuer’s Manager)
- Sales compensation
- None disclosed to a broker-dealer; a one-time $6,650 cost to cover fund organization and operating expenses is noted
- Filing
- SEC EDGAR, CIK 0002021733
Reading the filings
- The checks are small, angel-sized.Eight investors put in $73,250 combined, about $9,156 each, well under the $367,500 average check institutional investors wrote in the iSono Health comparison case, and consistent with a scout or angel-syndicate vehicle rather than a lead fund.
- The filing came in late.Regulation D requires a Form D within 15 days of the first sale. This one’s first sale was April 30, 2024, but it was not filed until September 11, 2024, more than four months later.
- The filer is not Dr. Treat, Inc.“DR TREAT A SERIES OF VUVP FUND LLC” is a Delaware series LLC administered by Finally Fund Admin LLC of Austin, Texas, formed to hold a stake in Dr. Treat, not a filing by the veterinary company itself. Its listed officers, Nhi Nguyen and Joseph Fernandes, are officers of the fund’s manager, with no other public tie to Dr. Treat’s clinics found.
- No company Form D exists on record.A search of SEC EDGAR under “dr treat” returns only this one SPV filing. The $10.5M to $11M seed round the company and a funding tracker describe has no matching Regulation D notice under Dr. Treat, Inc.’s own name, meaning either the round was raised under an exemption that does not require a Form D, or the SEC record available here is incomplete.
- Announced and tracked totals do not match.The company’s December 2023 release describes “$10.5M in seed capital” raised “in 2022.” An independent funding tracker instead lists $11M raised in one round that closed in December 2023, the same month as the release. The two figures are close but not identical, and the timing differs by roughly a year.
Commercial signals
| Signal | Detail | Source type |
|---|---|---|
| Locations | Two clinics confirmed: Union Street, San Francisco (opened summer 2022) and 220 Primrose Rd, Burlingame (opened late Jan 2024). | Independent |
| Membership revenue model | Annual membership fee reported at $250 in Aug 2022 and $149 in Mar 2024, covering exams and telehealth access. | Differs across sources |
| Operating status | Y Combinator lists the company as “Active.” The company website and its Yelp listing were live in 2026, with Yelp reviews dated as recent as July 2026. | Independent |
| Expansion plans | Founder has described plans for up to five more Bay Area clinics and eventual expansion to other states; none independently confirmed as opened. | Company-stated |
What to watch
- A Form D filed directly by Dr. Treat, Inc., which would reconcile the $10.5M and $11M figures and show the round’s actual investor base.
- Any new clinic openings beyond the two currently confirmed.
- A later, larger round given the company describes ambitions to franchise or own up to 100 clinics.
- Whether the VUVP Fund LLC vehicle’s investors ever surface in later company materials.
The Dr. Treat story on Healthcare DiscoveryHealthcare Discovery
Related companies
Sources
- Public recordForm D, DR TREAT A SERIES OF VUVP FUND LLC
- Public recordForm D primary document, DR TREAT A SERIES OF VUVP FUND LLC
- Public recordEDGAR company search results for “dr treat,” Form D filings
- IndependentTop Pet Tech Startups by Fundraising (2026)
- IndependentMembers-only pet care market heats up (Dr. Treat opens vet clinic in the Marina)
- InterviewDr. Treat, A Vet Clinic Unlike Any Other
- IndependentDr. Treat: “One Medical for pets.”
- CompanySF-Based Veterinary Startup Dr. Treat Readies Second California Location
- CompanyVeterinary Startup Dr. Treat Readies Second California Location
Compiled from SEC and other public records and published reports as of September 25, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date. Healthcare Venture Capital Fund holds no position in Dr. Treat. This page is not an offer to sell or a recommendation to buy any security.