Internet and telecommunications group SoftBank’s Latin America fund has agreed to invest R$250m ($47.5m) in Brazil-based online pet product retailer Petlove, Reuters reported on Tuesday, citing a company statement.
Petlove operates an online platform that sells pet food in addition to a range of accessories such as doghouses, litter boxes, cat scratchers, birdcages and fishbowls.
The funding will help the company meet increased demand as more customers opt to buy products online due to the restrictions imposed to prevent the spread of the coronavirus, according to founder and president Marcio Waldman.
Capital will also support the strengthening of Petlove’s technology as it looks to provide services for animal owners as well as veterinarians. It acquired online vet booking platform Vet Smart in November 2019.
Petlove received an undisclosed amount of funding from investment firm Tiger Global Management and venture capital firms Monashees and Kaszek Ventures in 2012, rebranding from PetSuperMarket at the same time.
Regulatory filings indicate Petlove subsequently raised $9.8m in 2012, $4.8m two years later and $1.9m in debt financing in 2017. Private equity firm Tarpon provided an undisclosed amount for the company in 2019, according to Exame.
