Brazil-based Petlove raised $150M from Riverwood and Softbank

Petlove & Co is a popular digital platform in Sau Paulo that deals with services and products for the pet market. Recently, it announced that it successfully raised approximately $150 million in one of its funding rounds which Riverwood Capital led. This company enables customers to buy various pet products or schedule an appointment with the veterinary. Its sales have also increased to 65% one year after the other, and it now claims to have more than fifteen thousand items on its platform with over three thousand partners. This firm also has more than four hundred employees on its team.

The amount raised is almost two times what Petlove has ever raised. When the business was established in 1999, during the early years of the internet, it was originally known as PetSuperMarket. The business still runs an online site today that sells various pet goods and services.

With the addition of Tarpon, L Catterton, Monashees, SoftBank, and Porto Seguro, the company’s total funding now stands at $225.8 million. Since January 2020, pet love has raised approximately $192 million. According to the firm, this round was raised at an undisclosed valuation. However, it mentioned that sales increased by 65% in 2020 over 2019. According to Pet Love CEO Talita Lacerda, a portion of the new cash will be utilized to expand the company’s logistics network and speed up delivery times.

It plans to broaden the reach of Pet loves Já, its expedited delivery service, so that items may be delivered within four hours of an order being placed. It is now only accessible in a few Brazilian cities, such as Belo Horizonte and Sao Paulo.

The money will also be used to expand Petlove’s subscription service, one of the company’s signature offerings and, according to Lacerda, the first of its sort in the nation. According to Lacerda, the company’s subscription service increased significantly during the epidemic and reached 75% of Petlove’s volume.

According to Francisco Alvarez-Demalde, co-founding partner and managing partner at Riverwood Capital, “the Brazilian pet market is one of the world’s largest and customers are rapidly expecting digitally native products and services with a high level of customer-centricity.”

After a recent combination with DogHero, the purchases of Vetus and VetSmart, and the introduction of Porto.Pet, the business has developed and flourished.

According to Lacerda, we have constructed an increasingly comprehensive and inclusive platform to fulfill the demands of all players in this quickly growing sector.

According to the business, Brazil is the fourth-largest market overall for pets. The Brazilian pet market’s overall sales topped US$7 billion (R$40 billion), up 13.5% from the previous year, according to the Instituto Pet Brasil, while Petlove saw a 65% increase. Brazil has a high rate of pet ownership, with 60% of the population having a pet, compared to 50% in the US.

PitchBook estimates that Petlove employs more than 400 people. The CEO of Brazil and managing partner of the SoftBank Latin America Fund, Alex Szapiro, called Petlove’s efforts “one of the most outstanding in the segment and in the overall retail industry” for its contribution to “forming the greatest ecosystem in Latin America.”

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