Pet Circle, a pet e-commerce platform, received financing of 125 million US dollars

2022-11-21
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Author:Li Kai
Source: ennews

Recently, foreign media reported that Australia's largest online professional pet companyPet Circle has raised $125 million in round C financing, which is led by Prysm Capital and TDM Growth Partners.

 

It is understood that in the latest round of financing, due to the existing investorsWith the participation of AirTree Ventures and new investor Baillie Gifford, the current valuation of Pet Circle has reached at least US $1 billion, completely establishing Pet Circle's status as the unicorn of Australia's pet e-commerce.Peter Circle expects that the new financing will be used to continue developing its software platform and expand the number of warehouses, transportation teams and product promotion.

 

in the pastIn 18 months, Pet Circle, the pet e-commerce platform, has experienced significant growth. According to the data, Australian residents spend more than 1000 dollars annually in the pet industry, and more and more consumers choose online channels to purchase pet products. In the past year, the sales of puppy and kitten food on the Pet Circle platform alone have increased by 50%.

 

Michael Frizel, Founder and CEO of Pet Circleexpress:"Our mission is to establish an integrated platform to connect our customers with 24/7 all-weather veterinary advice and provide Australia's largest and highest quality pet products and services. In Pet Circle, we put pet consumers at the center of our work, so as to provide Australians with the best pet product consumption experience in the world."

 

Due to the impact of the COVID-19, many industries experienced a decline in consumption, but the pet industry showed growth momentum. According to a recent survey by the Australian animal medicine industry, the number of pet owners has increased significantly, and it is estimated that30.4 million pets. According to the report, 69% of households nationwide have pets, compared with 61% two years ago.

 

In fact, not only in Australia, but also in the global pet industry. Due to the impact of the epidemic on people's working style and pace of life, more and more people live longer at home, thus expanding the demand for pet supplies. It is believed that the pet product market will also continue to grow in the future, which may be a new opportunity for cross-border sellers.


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