Key Highlights:
- Pet Circle, a Sydney-based firm achieves unicorn status following a $125 million Series C financing.
- The funds will be used to help Pet Circle speed its expansion as it continues to build its software platform and develops its warehouse area, dedicated fleet, and product line.
- Pet Circle, according to Ben Gisz of TDM Growth Partners, is altering the way Australian pet owners care for their dogs.
Pet Circle becomes the latest unicorn
Pet Circle’s dogs, cats, birds, and fish have been joined by a more mystical, elusive species as the Sydney-based firm achieves unicorn status following a $125 million Series C financing.
Pet Circle, which was founded in 2011, has evolved to become Australia’s largest online specialty pet company and the world’s third-largest, with a comprehensive pet care platform that includes subscription, VetChat, and telehealth services, and more than 10,000 goods.
Prysm Capital and TDM Growth Partners led the round, with new investor Baillie Gifford and previous investor AirTree Ventures also participating.
Enhancing Pet Circle’s platform
The funds will be used to help Pet Circle speed its expansion as it continues to build its software platform and develops its warehouse area, dedicated fleet, and product line.
Pet Circle has grown significantly in the last 18 months, with Australian pet owners spending moreover $1,000 each year, largely online. Over the last year, Pet Circle’s specialized channel alone has experienced a 50% growth in puppy and kitten food sales.
The $15 billion pet supplies industry is well-positioned for long-term development as pet owners want improved access to excellent advice, superior goods, and a more convenient method to purchase for their dogs.
“We are on a mission to transform the pet ownership experience by creating an integrated platform that connects our clients to 24/7 vet advice and offers the broadest and best quality selection of pet products and services in Australia,” says Pet Circle co-founder and CEO Michael Frizell.
Pet Circle: A rising winner
According to Prysm Capital co-founder and managing partner Jay Park, Frizell and his team’s foundation positions Pet Circle as a rising winner, changing the retail experience for pet owners across Australia.
“The humanization of pets is a key macro tailwind influencing markets globally,” Park adds, “and we look forward to collaborating with Pet Circle on their next chapter of accelerated growth.”
“It’s been an honor to collaborate with them from the beginning since they’ve been boots on the ground, inventing the e-commerce experience for pet owners.”
Pet Circle, according to Ben Gisz of TDM Growth Partners, is altering the way Australian pet owners care for their dogs.
“We’re pleased to join Pet Circle in this next chapter of expansion as they continue to execute on their plan to be the most inventive and leading retailer of pet products in the country.”
Pet Circle has scale and a first-mover advantage, but it is also in a highly competitive space, with the emergence in recent years of fast-growing specialty pet businesses that also place an emphasis on digital innovation, such as ASX-listed Mad Paws (ASX: MPA), which raised $12 million in its March IPO, Lyka Pet Food, which raised a $6.5 million Series A round in June, and PetCloud, which raised $2 million in equity crowdfunding in May.
Read more: Top 5 Upcoming IPOs In India That You Should Definitely Invest
