What Victory Square does

Victory Square Technologies Inc. is a Vancouver-based publicly traded venture builder (CSE: VST, FWB: 6F6, OTCMKTS: VSQTF) founded in 2014 that creates, funds, and operates early-stage technology companies across digital health, web3, gaming, VR/AR, and climate tech. The company maintains a portfolio of 25+ holdings, with six portfolio companies currently hitting liquidity events generating an approximately 9x return on capital committed. Management holds over 20% ownership, aligning interests with public shareholders, and the structure is positioned as an audited, transparent, and liquid vehicle for retail access to venture-stage investments.

The company's core operating asset is the VSDHOne healthcare infrastructure platform, operated through its wholly-owned subsidiary Hydreight Technologies (acquired February 2021). VSDHOne provides compliant direct-to-consumer telemedicine, at-home diagnostic tests, personalized digital health guidance, 24/7 provider access, and prescription delivery across all 50 U.S. states. The platform is underpinned by a 503B pharmacy license, U.S. e-script provider certification, and HIPAA compliance, and is distributed through 3,000+ nurses, 200+ physicians, and 400+ D2C brands, with 12,000+ licenses signed by Q1 2026. Hydreight generated $35.4M in FY2025 revenue (121% YoY growth) and $24.9M in Q1 2026, with management guiding to approximately $150M for FY2026. Additional subsidiaries include VS Digital Health, DiscreetCare (sensitive medical issue treatments), Insu Therapeutics (buccal semaglutide delivery advancing to Phase II), and Pawsible Ventures (a $10M pet health fund and incubator launched in 2025).

The business model combines venture investment returns (transaction-based monetization of portfolio liquidity events) with operating-company revenue, the latter dominated by Hydreight's subscription and transactional revenue from VSDHOne services. Go-to-market is primarily B2B2C, with VSDHOne licensees (nurses, physicians, D2C brands) delivering services to end consumers across the U.S., supplemented by direct-to-consumer genetic testing subscriptions launched in May 2025. The company is also expanding into adjacent verticals such as pet health through Pawsible Ventures, and into international markets including Brazil.

Name

Victory Square

Legal name

Victory Square Technologies Inc.

Website

https://victorysquare.com

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

1–10 employees

Short description

Victory Square Technologies is a publicly traded venture builder that creates, funds, and operates 25+ early-stage technology companies, with its flagship VSDHOne healthcare platform (via Hydreight) delivering compliant telemedicine and pharmacy services across all 50 U.S. states.

Ownership category

akta.pro rank

Product category

Venture Capital and Digital Health Platform

NAICS

Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292)

SIC

Services-Prepackaged Software (7372), Hospital & Medical Service Plans (6324)

akta.pro primary industry

Care Navigation, Advocacy & Benefits Guidance Platforms (HLALADAJ)

Keywords

• Venture building services
• Digital health platforms
• Telemedicine infrastructure
• Technology accelerator investments
• Pet health ventures

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Hydreight Healthcare Infrastructure: Hydreight Technologies, the largest operating subsidiary, generates revenue through its VSDHOne platform providing telemedicine, genetic testing, pharmacy services, and healthcare provider network. Revenue grew 121% YoY to $35.4M in FY2025 with $150M guidance for FY2026.
2. Venture Investment Returns: Victory Square generates returns through monetization of portfolio company investments. With basket of 25 portfolio companies, 6 are hitting liquidity events generating almost 9x return on capital/cash committed.
3. Pawsible Ventures Pet Health: Pet health venture fund with $10M Fund I targeting early-stage pet health startups. Revenue through investment returns and portfolio company success.
4. Genetic Testing and Wellness Subscription: Subscription-based genetic testing and personalized wellness solutions generating upfront and recurring monthly revenue through VSDHOne platform.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Victory Square Technologies is a publicly traded technology accelerator and venture builder that creates, funds, and executes on ideas across digital health, web3, gaming, VR/AR, and climate tech. Through its flagship subsidiary Hydreight Technologies, the company operates the VSDHOne platform, a direct-to-consumer healthcare infrastructure providing telemedicine, genetic testing, prescription delivery, and at-home diagnostics across all 50 U.S. states. It also runs Pawsible Ventures, a $10M pet health fund and incubator, and maintains a portfolio of 25+ early-stage technology companies.

Product overview

Victory Square Technologies is a venture builder providing VC-level investment access to early-stage technology companies through an audited, transparent, and liquid investment vehicle. The company operates a portfolio of 25+ portfolio companies with key holdings in digital health infrastructure (VSDHOne and Hydreight), pet health ventures (Pawsible Ventures), and peptide delivery technology (Insu Therapeutics). VSDHOne serves as the core healthcare infrastructure platform powering Hydreight's telemedicine and pharmacy services across all 50 U.S. states, while DiscreetCare provides a consumer-facing mobile app for sensitive medical issues. The portfolio also includes companies in VR/AR, blockchain, gaming, and climate tech sectors.

Differentiator

Problem solved

Functional benefit

Brands

• VSDHOne: Direct-to-consumer healthcare infrastructure platform providing compliant offerings across all 50 U.S. states, developed in partnership with Victory Square Technologies
• IV Hydreight
• DiscreetCare
• VSDHOne Genetic Testing

Products and services

• VSDHOne Platform Healthcare infrastructure platform covering compliant offerings across all 50 U.S. states, enabling direct-to-consumer healthcare services including telemedicine, genetic testing, and prescription delivery through a network of licensed medical providers.
• Hydreight Digital health platform providing on-demand and on-site mobile health, pharmaceutical, and wellness services. Offers IV therapy, telemedicine, and medispa treatments with a 503B pharmacy license enabling services in all 50 U.S. states.
• DiscreetCare Mobile application providing treatment for sensitive medical issues, offering access to testing, treatment, and prescriptive medicinal remedies from the convenience and privacy of a mobile device.
• Pawsible Ventures Pet health-focused venture fund and incubator platform supporting early-stage companies in the animal health ecosystem across veterinary care, diagnostics, and wellness.
• VSDHOne Genetic Testing and Wellness Solution Personalized genetic testing and wellness solution offering at-home DNA testing kits with personalized health plans including nutrition, fitness, supplementation, and medication compatibility insights via subscription.
• Insu Therapeutics (Buccal Semaglutide Delivery) Peptide delivery platform company developing a buccal semaglutide delivery system using Novo Nordisk-manufactured Semaglutide, targeting alternative delivery for peptide therapeutics.

Quantifiable outcome

• 121% year-over-year revenue growth (FY2025)
• +4 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Launch AcademycoreOthersVancouver-based startup accelerator with 80+ global accelerator partners providing deal flow, startup access, and co-investment opportunities for Victory Square's venture building operations.
• Novo NordiskcoreStrategic or Co-development PartnerInsu Therapeutics, a Victory Square portfolio company, uses Semaglutide manufactured by Novo Nordisk for its buccal peptide delivery program, completing milestone pre-clinical evaluation.
• UBC (University of British Columbia)minorStrategic or Co-development PartnerInsu Therapeutics received approval from UBC's Research Ethics Board for Phase I animal studies to support future human studies of its buccal Semaglutide delivery program.
• World Poker TourminorGTM or Marketing PartnerPortfolio company FansUnite Entertainment entered global blockchain integration partnership with World Poker Tour for gaming and wagering technology.
• HTC ChinaminorStrategic or Co-development PartnerPortfolio company Immersive Tech appointed HTC China President Alvin Wang Graylin to its Board of Directors, bringing XR/VR expertise.
• ProNorth Medical CorpminorChannel Partner/ Reseller/ DistributorPortfolio company entered sales and distribution agreement for Safetest 15 Minute Covid-19 Rapid Test for North America.

Scale indicators20 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• LifeMD: Public D2C telehealth company offering virtual care, prescription products and at-home diagnostics. Comparable to VSDHOne's combination of telemedicine, prescription delivery and direct-to-consumer subscription revenue.
• GoodRx: Public D2C platform for prescription pricing, telehealth and pharmacy benefits. Comparable to VSDHOne's pharmacy-licensed, nationwide consumer health infrastructure and subscription-based monetization.
• Ro: Private D2C telehealth and online pharmacy operating across all 50 U.S. states. Closest product/market analogue to Hydreight's VSDHOne in telemedicine + pharmacy + at-home diagnostics, though at substantially larger scale.
• IP Group plc: Publicly listed IP commercialization and venture-building group. Comparable business model to Victory Square: publicly traded vehicle providing retail investors access to a portfolio of early-stage technology companies.
• Allied Minds: Publicly traded venture builder that incubates and spins out technology companies. Directly comparable to Victory Square's role as a listed holding company over a portfolio of 25+ early-stage tech bets across multiple verticals.
• Trupanion: Public pet medical insurance provider serving North American pet owners and veterinarians. Comparable to Victory Square's Pawsible Ventures thesis targeting the $300B global pet health market with insurance, diagnostics and wellness offerings.
• Hims & Hers Health: Public D2C telehealth and pharmacy platform selling prescription and OTC products directly to consumers. Most directly comparable to Hydreight's VSDHOne business in model, customer (US consumers) and reliance on a national e-script/pharmacy infrastructure.

Broad incumbents

• Teladoc Health: Large public telehealth platform serving enterprise, payer and consumer markets. Overlaps with VSDHOne's virtual care capability but at enterprise/B2B scale rather than D2C; useful benchmark for 50-state telehealth infrastructure maturity.
• PetIQ: Public pet health and wellness products company with manufacturing, distribution and veterinary services. Useful broader-market comparable for Pawsible Ventures' portfolio companies targeting pet health infrastructure, diagnostics and wellness.

Regional players

• Accelerate Financial Technologies: Canadian-listed alternative investment and venture firm. Regionally comparable as a publicly traded Canadian vehicle providing access to a portfolio of early-stage and growth assets, with overlap in capital-markets audience and investor profile.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/in/shafindiamond-victorysquaretechnologiesceo
• Xx.com/VictorySquareVC

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries11 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A7 records

Investments12 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Victory Square