Chinese pet supplies company raises $20m

Existing investor GGV Capital also participated. The fresh funding will be used to expand the company’s overseas markets and enhance R&D efforts.

The company, which was established in 2013, currently has six pet-related categories: drinking, eating, entertainment, cleaning, and clothing. It claims to have generated RMB220 million ($32.7 million) in revenue last year.

Petkit has around 100 stores in Shanghai that sell its products and provide pet care services. The company also ships products to 40 cities internationally and it is keen to expand overseas because there is strong demand for pet supplies products among customers in developed markets.

Investors have committed more than $35.4 million to Petkit across four rounds since 2013. GGV first backed the company in 2014, while Atlas Capital and New Alliance Capital provided further funding in 2017.

Petkit's major rivals include Pidan, which was established in Paris in 2015 by Chinese designer Wenfei Ma, and Vetreska, founded in New York the same year by a Singaporean designer. Last year, Pidan received RMB60 million in a Series B round led by Chengwei Capital in 2018 and Vetreska raised funding from Hejun Capital and IDG Capital.

Average expenditure among Chinese dog and cat owners was more than RMB5,000 per pet in 2018, up 15% year-on-year, according to a white paper published by goumin.com, an online pet forum. It estimates the dog and cat market is worth over RMB170 billion.

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• Topics
• Greater China
• Consumer
• Expansion
• GGV Capital
• Qiming Venture Partners
• China
• Consumer