Ecommerce retailer Pet Circle has raised $125 million in a Series C.
The round was led by US investment firm Prysm Capital and Sydney-based TDM Growth Partners, with existing backer AirTree Ventures joined by new investor Baillie Gifford from the UK
While the international investment has been announced, it’s still subject to regulatory approvals.
The 10-year-old business says the $125m round values it at more than $1 billion as it services the $15 billion pet supplies market.
The funding will be used to accelerate growth through improved software for its retail platform, alongside an expanded warehouse footprint, dedicated fleet, and product range.
Alongside selling pet food and other pet supplies online, the business has also built a subscription pet care platform that includes VetChat and Telehealth services.
Co-founder and CEO Michael Frizell said Pet Circle has experienced significant growth in the past 18 months, including a 50% increase in puppy and kitten food sales across its specialty channel.
“We are on a mission to reinvent the experience of pet ownership, by building an integrated platform that connects our customers to 24/7 vet advice and offers the largest and highest quality range of pet products and services in Australia,” he said.
Prysm Capital co-founder and managing partner Jay Park said the “humanisation of pets is a significant macro tailwind” for the market globally
“The foundation that Mike and the team have built positions Pet Circle as an emerging winner, redefining the retail experience for pet parents across Australia,” he said.
“We look forward to partnering with Pet Circle on their next chapter of accelerated growth.”
TDM Growth Partners partner Ben Gisz said the company is changing the way people care for their pets.
“We’re excited to partner with Pet Circle in this next stage of growth as they continue to deliver on their strategy to be the most innovative and leading retailer of pet supplies in the country,” he said.
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