Vets on Call: carving a new niche and driving the new economy
First Australians Capital recently invested in Indigenous led online pet care business Vets on Call who are not only trailblazing a new path in the pet service business sector, but they are also delivering gains far beyond pure economics – a shining example of the unlimited potential that exists in building the Indigenous business sector.
Morgan Coleman, CEO of Vets on Call shared his vision for his business – to improve the overall health and well-being for pets, transforming the way pet owners’ access care. He understands that he has an investable model built on a proven concept, but he also appreciates the potential for his success to inspire other First Nations entrepreneurs as a model of how Indigenous Australians can build and develop innovative businesses.
Vets on Call delivers a platform that flips the script. Instead of owners taking pets to the veterinary clinic, Vets On Call allows vets to provide care to pets at home. Initially believing that the value would be in the convenience offered, the business quickly realised that what customers valued more highly was the very best in care and service.
The organisation launched a proof-of-concept phase in May 2018, to gain insights and feedback to fine tune the business model, with a hard launch to market in October 2019. In that time the organisation has accelerated its progress with average monthly revenue and average monthly bookings growing by over 1,000%. Vets on Call provides an opportunity to invest in an organisation that is disrupting the status-quo and growing through a market-proven model.
How has FAC helped?
FAC is proud to be an initial investor in Vets on Call to help drive the next phase of national growth and roll-out for the business. Morgan talks candidly about what he calls a person’s ‘wealth network’ and links it to the overall challenges First Australians face in accessing capital.
“Initially we found it very difficult to get traction within the investment community. We then reached out to FAC who have been incredibly supportive from day one. As the business has grown and the performance has started to speak for itself, we’ve found more investors really taking note of what we’re doing and begin to approach us.” he says. “I think it takes someone willing to be the first to say “yes” and take a risk on a new venture and for us that was FAC.”
Leading by Example
Morgan is steadfast in his ambition to be seen as an example of the success and benefits gained in building a self-reliant, inclusive economic eco-system.
“I think firstly Indigenous organisations need to support one another. We need to prioritise buying from each other. However, ultimately, we are already doing so much by proving in the marketplace that we bring value, create wealth and are competitive – that’s only going to continue to improve perceptions and extend opportunities” he says. “I think that business is one of the most empowering things we can do as Indigenous people. By taking our economic futures into our own hands we’re bringing ourselves up in line with the rest of the community. With increased economic impact comes increased opportunity for our communities. I believe this will be a key driver in closing the gap”.
First Australians Capital is supporting a relatively untapped market – the potential of Indigenous Australians to drive Australia’s economic prosperity.
As Morgan says “I believe that a country that is content with an entire group of people being left behind is one that is weaker for it. Having Indigenous Australians prosper and build wealth doesn’t limit the wealth of others. In fact, it will bring about its own economic opportunities for the rest of the country.”
The success of Indigenous Australians is the success of all Australians and we call on investors, philanthropists, Foundations and Government to invest in Australia’s economic future by joining First Australians Capital. For more information about how you can back Indigenous led business, contact us, here.