Pet Circle, a pet e-commerce platform, received $125 million in financing

Recently, according to foreign media reports, Pet Circle, Australia's largest online professional pet company, has raised US$125 million in Series C financing, led by Prysm Capital and TDM Growth Partners.

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

In the past 18 months, the pet e-commerce platform Pet Circle has experienced significant growth. According to data, Australian residents spend more than $1,000 on the pet industry each year, and more and more consumers choose online channels to buy pet supplies. In the past year, sales of puppy and kitten food on the Pet Circle platform alone have increased by 50%.

Michael Frizzell, founder and CEO of Pet Circle , said: “Our mission is to connect our customers with 24/7 veterinary advice and provide Australia’s largest and highest quality pet products and services by building an integrated platform. At Pet Circle, we put the pet consumer at the centre of everything we do in order to provide Australians with the best pet shopping experience in the world.”

Due to the impact of the COVID-19 pandemic, many industries have seen a decline in consumption, but the pet industry has shown growth momentum. According to a recent survey by the Australian Animal Medicine Industry Agency, the number of pets owned by residents has increased significantly, and it is estimated that there are currently 30.4 million pets nationwide . The report concluded through data analysis that 69% of households nationwide own pets, compared to only 61% two years ago.

In fact, the pet industry is on the rise not only in Australia, but also around the world. Due to the impact of the epidemic on people's working methods and pace of life, more and more people are spending more time at home, and the demand for pet products has increased. I believe that the pet products market will continue to grow in the future, which may be another new opportunity for cross-border sellers.

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