Telecommunications and internet group SoftBank’s Latin America Fund and insurance company Porto Seguro have participated in a $150m funding round for Brazil-based online pet product retailer Petlove, TechCrunch reported yesterday.
The round was led by Riverwood Capital and also featured Tarpon, Monashees and L Catterton, and brought the total funding disclosed by the company to over $225m.
Founded in 1999 under the name PetSuperMarket, Petlove rebranded in 2012 and sells a wide range of pet products through its online store. It will use the money to expand its Petlove Já delivery service to additional parts of Brazil and grow its subscription programme.
Petlove had raised $47.5m from SoftBank’s Latin America Fund in April 2020 and another $23m from L Catterton two months later.
The company had previously scooped up nearly $4.8m from seven undisclosed investors in 2015, according to a regulatory filing, having raised an undisclosed amount of capital from Tiger Global Management, Monashees and Kaszek in 2012.
Petlove has been no stranger to M&A activity, having merged with DogHero, an animal services provider backed by petsitting platform Rover, in late 2020, following earlier takeovers of veterinary service providers Vet Smart and Vetus.
Porto Seguro acquired a 13.5% stake in the company in April 2021 through a merger with its own health insurance subsidiary, Health for Pet.
