Small Door Veterinary is no longer a standalone veterinary startup.

In July 2026, Small Door finalized a merger with Bond Vet, creating a combined corporate network of more than 55 clinics. Small Door co-founder Florent Peyre now leads the merged organization as CEO.

The companies have not disclosed who owns what percentage of the new business. But Peyre told Inc. that its continuing lead investors and board members include C&S Capital Partners, Valspring Capital and private-equity firm Warburg Pincus.

So, is Small Door owned by private equity?

The most accurate short answer is that Small Door is now part of an investor-backed corporate veterinary network with private equity among its major backers. It is not an independently owned neighborhood practice, but the public record does not establish that one private-equity firm owns the entire company.

If you recently visited Small Door, the ownership structure may be interesting. The individual charges on your invoice are probably more immediately useful.

Small Door was founded in New York City in 2018 by Florent Peyre and Josh Guttman. It grew as a membership-based veterinary company with locations in New York City, the Washington, D.C., area and Massachusetts.

That growth was funded by outside investors.

In 2025, Small Door raised $55 million in new capital. The financing included:

That financing did not necessarily mean any one of those investors owned Small Door outright. It meant Small Door was already a venture- and growth-investor-backed company rather than an independent veterinary practice.

Then came the Bond Vet merger.

On July 9, 2026, Small Door and Bond Vet announced that they had finalized their merger. Financial terms and ownership percentages were not disclosed.

The combined company says it includes more than 55 clinics, more than 170 veterinarians and over 1,000 employees serving more than 500,000 pets.

For now, Small Door and Bond Vet continue to operate under their existing names. A Small Door clinic still looks like Small Door, and your appointment does not suddenly take place underneath a Bond Vet sign.

The companies say they plan to move toward a more unified experience over time.

Not exactly.

Small Door and Bond Vet described the transaction as a merger, not as Bond Vet acquiring Small Door. Small Door's co-founder became CEO of the combined organization, which further complicates any attempt to describe one chain as simply buying the other.

Peyre leads the new company. Small Door chief medical officer Dr. Jamie Richardson became chief medical officer of the combined business, while Bond Vet president and CFO Joe Altobelli moved into an executive strategic adviser role.

The simplest accurate description is that Small Door and Bond Vet are now part of the same corporate veterinary organization.

Vetted has a separate breakdown of Bond Vet's ownership, private-equity backing and NYC prices.

Before the merger, Small Door was primarily described as venture- and growth-investor-backed.

After the merger, private equity is clearly part of the picture.

Warburg Pincus invested $170 million in Bond Vet in 2021. Following the merger, Peyre identified Warburg Pincus, Valspring Capital and C&S Capital Partners as the combined company's continuing lead investors and board members.

That makes "private-equity-backed" a fair description of the combined Small Door and Bond Vet organization.

What we cannot responsibly say is that Warburg Pincus owns 100% of Small Door, or that any one investor has complete control. The companies have not publicly disclosed their exact stakes.

This distinction can feel excessively technical, especially if you are simply trying to determine who sits behind the clinic where your dog gets vaccinated. But "owned by," "backed by" and "merged with" are not interchangeable.

Here is what the available evidence does establish:

Small Door is also one piece of a much broader shift. Vetted has tracked corporate, private-equity, venture and nonprofit ownership across New York City veterinary practices.

Small Door publicly lists two ways to access its clinics.

According to Small Door's current membership page, an annual membership costs $149 per pet and includes one wellness or sick exam per year, reduced exam fees, 24/7 telehealth and priority appointments.

Pet owners can also use Small Door without a membership through its Pay As You Go option, currently listed at $135 per exam.

That gives owners a reasonably clear entry price. It does not tell them what an entire visit will cost.

Vaccines, bloodwork, imaging, medication, dental care and surgery can all appear as separate charges. A $135 exam can therefore become a much larger invoice once the actual reason for the appointment enters the chat.

Vetted's NYC veterinary price database lets pet owners compare observed prices by service, clinic and borough. But Vetted does not yet have enough submitted Small Door invoices to publish a responsible clinic-level breakdown of its vaccine, diagnostic and procedure prices.

Small Door currently lists six New York City locations:

Those clinics provide primary and urgent veterinary care, including exams, vaccines, diagnostics, dentistry and surgery.

The company's membership model is part of what distinguishes it from a traditional neighborhood practice. Members receive one included annual exam and telehealth access, but they may still pay separate charges for the services performed during that visit.

This is why comparing the membership fee alone is not particularly useful.

A $149 membership may be worthwhile for someone who values telehealth access and expects to use the included exam. But it does not answer what a fecal test, blood panel, dental cleaning or surgery will cost.

The only reliable way to understand those prices is to examine itemized bills.

Ownership alone cannot answer that question.

Investor backing can provide money for new locations, technology, equipment, marketing, employee recruitment and centralized operations. It can also create pressure to grow, increase revenue and produce returns for investors.

Neither fact tells you whether an individual veterinarian delivered good care or whether a specific charge was reasonable.

An independent clinic can be expensive. An investor-backed clinic can employ excellent veterinarians. A beautifully designed waiting room may make a nervous dog more comfortable, but it does not automatically explain a $300 bloodwork charge.

That is why Vetted treats ownership reporting and price reporting as related, but separate, questions.

Ownership tells you who controls and finances the larger business.

An itemized invoice tells you how that business charged you.

You can browse currently available NYC veterinary prices here, then submit your own bill for a private comparison.

Small Door Veterinary merged with Bond Vet in July 2026.

The two brands now operate within the same investor-backed corporate organization, led by Small Door co-founder Florent Peyre. The company's continuing lead investors and board members include C&S Capital Partners, Valspring Capital and Warburg Pincus.

Because Warburg Pincus is a major private-equity firm, it is accurate to describe the combined organization as private-equity-backed. It is not accurate to claim that Warburg owns all of Small Door when the companies have not disclosed exact ownership percentages.

For pet owners, that answers one question.

The next question is what the ownership structure looks like on an actual Small Door invoice.

Because knowing who sits on the board is useful.

Knowing whether your $185 test usually costs $90 somewhere else is the part that may change what you do next.

Vetted collects veterinary bills, written estimates and publicly available clinic prices from New York City pet owners. Personal information is removed before eligible line-item prices are added to the public database.

Prices reflect submitted records and may not represent every service, clinic location or current rate. Vetted does not yet have enough Small Door invoices to publish a clinic-level price summary.

Submit a Small Door or other NYC veterinary bill or search the NYC veterinary price database.