China-based petcare brand Crazy Dog has secured RMB300m ($43.4m) in a series B round co-led by diversified conglomerate Fosun and private equity firm Guangdian Capital, Kr Asia reported on Tuesday.
Founded in 2014, Crazy Dog operates an online platform that sells pet supplies such as food, snacks, toys, clothing and healthcare products, in addition to distributing its products through external channels. Customers can also access pet grooming services and dog training classes.
The company sold more than 5 million bags of dog food last year through e-commerce outlets such as Tmall, JD and Amazon, increasing its annual sales to more than $86m in 2018.
Proceeds from the round will be used to invest in branding, services, merchandise and an expansion in distribution, as Crazy Dog prepares to open some 20 brick-and-mortar stores by the end of this year. It already has its own production facility, and has established a research and development hub in the US.
The latest round follows approximately $14.5m in series A funding from investment management firm Tiantu Capital and alternative asset manager Ares Management in March 2018, according to China Money Network.
Image courtesy of Crazy Dog.