China petcare brand raises $31m

In the past half-year, the company has secured close to RMB900 million, according to a statement. This includes a Series B of RMB200 million in December, an extended tranche of RMB400 million in May, and the third tranche of RMB200 million.

Chongxing has several sub-lines. Among them, Nourse is a leading brand providing nutritional supplements for pets. It ranked number one on TMall and JD.com during China's June 18 shopping festival. The brand claims to have achieved annual growth of 60% over the past three years.

Nourse entered the pet food sector in May 2020, launching a balanced diet series for dogs and cats. It is targeting sales of RMB400 million for the food segment this year.

Chongxing has started to build its own factories. The company initiated the first phase of construction at its pet product industrial park in April. A total of RMB700 million has been earmarked for investment in the 200-acre facility. It is expected to start production by the end of the year and generate annual sales of RMB2 billion. The main focus will be nutrition supplements and pet food.

Pet food is the biggest expense for pet owners and China's pet food market has posted average annual growth of 21.5% over the past 10 years, according to the statement. The domestic market is also quite scattered. HuaAn Securities noted that the 10 largest companies in the space have a combined market share of only 31%.

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• Topics
• Greater China
• Expansion
• Consumer
• Bank of China
• HighLight Capital
• Meridian Capital
• Tencent
• Vertex Ventures
• Hony Capital