SAO PAULO – Competition remains fierce among the leaders in the pet market, which had an estimated turnover of R$ 40 billion last year by Instituto Pet Brasil.
While Cobasi received an investment of R$300 million from the private equity Kinea in April this year, Petz went public and announced this month the purchase of Zee.Dog. This Monday (30), it was time for Petlove&Co to announce its avenue of growth.
The company disclosed a funding of R$ 750 million, led by the North American manager Riverwood Capital. Riverwood has in its portfolio companies such as Omie, Technisys and VTEX. Other investment funds from venture capital and private equity, such as L Catterton, Monashees, SoftBank and Tarpon. Porto Seguro completed the round.
With the announcement, Petlove&Co exceeded R$ 1 billion in contributions since the beginning of 2020. The company had raised R$ 250 million in its previous round, made last year by SoftBank.
The company grew 65% in the last year. According to Petlove&Co, the new investment will “further strengthen the company’s future plans, which intends to continue investing to consolidate itself as the main pet ecosystem in Brazil”.
Petlove&Co brings together brands such as pet Shop online Petlove, the DogHero pet hosting and tours application, the Vet Smart veterinary market platform, the veterinary clinic management platform and pet shops Vetus and Porto.Pet health plans.
The capital will first be used to enhance Petlove’s subscription program, the company’s flagship product. It will also expand the company’s logistics network, accelerating delivery solutions. In cities like Belo Horizonte and São Paulo, Petlove offers delivery within four hours.
“We have an increasingly complete platform to meet the needs of all stakeholders of a market that only grows. We welcome Riverwood as one of the biggest investors in cutting-edge technology,” said Talita Lacerda, CEO of Petlove, in a statement.
“Petlove&Co has a strong technological differential and a distribution network that offer a special experience to tutors looking for feed, medicines and health plans for their pets, as well as other hygiene, beauty and entertainment products. Petlove&Co intends to differentiate itself even more from other players in the pet care segment, continuously investing in technology as its main asset, which is directly in line with Riverwood’s strategy and values”, added Joaquim Lima, in the same statement. Partner of Riverwood Capital.
“Brazil’s pet market is one of the largest in the world and Brazilian consumers are demanding an increasing number of digitally native products and services with a high level of customer service. As a result of this context, Petlove&Co has become the leading digital platform for pets in the country, and we are very excited to be partnering in this next phase of growth and expansion”, added Francisco Alvarez-Demalde, co-founding partner of Riverwood Capital.
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