Petlove&Co is a digital platform that provides products and services to the pet market based in So Paulo. It announced today that it raised approximately $150 million (R$750 millions) in a financing round led by Riverwood Capital.
This round is almost double the amount Petlove raised over its entire history. When PetSuperMarket was established in 1999, it was known as PetSuperMarket. The company still operates an online store that offers a wide variety of products and services for pets.
SoftBank, Tarpon, L Catterton and Porto Seguro were also part of the round. This brings the total amount raised by the company to $225.8 millions over its lifetime according to Crunchbase. Petlove has raised more than $192 million since January 2020. Petlove declined to disclose the valuation at which this round was raised.
Talita Lacerda, CEO of Petlove, stated that the company will use the capital to expand its logistics network and accelerate its delivery capabilities. It plans to expand its Petlove J express delivery service to other regions. This allows products to be delivered within just four hours after an order is placed. It is currently only available in So Paulo and Belo Horizonte.
Funding will also be used to grow Petloves subscription program. Lacerda stated that it is the first in the country and one of the company's most prestigious services.
Brazil's pet market is the largest in the world, and Brazilian customers are demanding digitally native products with high customer-centricity. Francisco Alvarez Demalde, Riverwood Capital co-founding partner, and managing partner, stated in a written statement.
After a recent integration of DogHero and Vetus, and the acquisitions by VetSmart and VetSmart, the company has grown and evolved.
Lacerda stated that we have created an ever-expanding and inclusive platform to address the needs of all stakeholders in this rapidly growing market.
According to the company, Brazil is fourth in pet market spend. The total Brazilian pet market sales surpassed US$7Billion (R$40Billion) in 2020 according to the Instituto Pet Brasil. This is an increase of 13.5% compared with the previous year. Petlove grew 65%. The country's pet ownership is high with 60% of Brazilians owning pets compared to 50% in America.
According to PitchBook, Petlove employs more than 400 people.
Alex Szapiro (head of Brazil, operating partner of SoftBank Latin America Fund) described Petlove's contribution to the creation of the largest Latin American ecosystem as extraordinary.
