Sofina, CDH wealth platform lead round for China's Petkit

Existing investors GGV Capital, Qiming Venture Partners, Atlas Capital, Ince Capital, and Kunyan Capital re-upped. GGV first backed the company in 2014, while Atlas Capital and New Alliance Capital provided further funding in 2017. Qiming led a $20 million Series C round in 2019.

Petkit, which was established in 2013, offers products across six categories covering different aspects of a pet’s life: drinking, eating, housing, entertainment, cleaning, and going out.

The Series C primarily went towards overseas expansion, with Petkit now boasting a sales network that spans more than 30 countries. It also claims to have been the domestic market leader by sales of smart pet products for several consecutive years.

An offline network was launched in 2018 and the company now has 1,500 stores. Customers can buy smart products, bathe their pets using Petkit's self-developed disposable towels to avoid cross-infection, and sign up for pet fostering. 

Future expansion is focused on three areas: the implementation of a software-as-a-service (SaaS) enabling digital management of stores; building out the supply chain, which currently comprises 150 suppliers offering 20,000 product lines; and introducing one-stop services that include pet hospitals.

China’s pet industry was worth RMB300 billion ($46 billion) in 2020, according to iResearch Consulting. By 2023, it will reach RMB445.6 billion.

In the same space, Chongxing, a Chinese petcare brand, best-known for the nutritional supplements, raised RMB200 million ($31 million) in a third tranche of Series B funding in July.

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• Topics
• Greater China
• Expansion
• Consumer
• China
• CDH Investments Management
• GGV Capital
• Qiming Venture Partners
• Ince Capital Partners
• Sofina