Barclays Case Study - MedicAnimal
- MedicAnimal is a London-based online pet healthcare retailer, selling pet products including prescription medicines, pet food and accessories
- The business was founded in 2007 by veterinarian Andrew Bucher and ex-Goldman Sachs broker Ivan Retzignac.
“When we were starting out, we found it incredibly difficult to get anyone in government to really understand our business model. We tried to get £100,000 in funding through the government’s Enterprise Finance Guarantee scheme, which sees the government act as guarantor on 75% of bank loans of between £1,000 and £1m. We repeatedly chased officials to give us funding but didn’t succeed. We were even asked to put our homes as collateral to launch MedicAnimal. In the end, we raised money through external investors to grow the business.
Since then, we have started banking with Barclays, who have been very supportive helping us grow - they have developed a strong expertise in backing tech businesses, and in fact have an internal champion of e-commerce.” (Ivan Retzignac, Co-Founder, MedicAnimal)