Petlove, a largest online pet retail brand in Brazil, announced that it has received a significant strategic investment from the Latin America fund of L Catterton, the largest and most global consumer-focused private equity firm.
“With extensive experience investing in the pet and e-commerce categories across the world, L Catterton will partner with the Company’s Founder and Chief Executive Officer, Marcio Waldman, and fellow investors, SoftBank, Tarpon, and Monashees to accelerate Petlove’s growth and expansion and help drive the Company’s strategic initiatives. Terms of the transaction were not disclosed,” the company mentioned in their press statement.
This partnership will strengthen Petlove’s transformation and accelerate the Company’s technological advancement to drive offline to online consumption across Brazil, it added.
“In a time when people are spending more time online, Petlove has achieved significant momentum in new subscriptions and new customers, and this announcement marks an important step in the Company’s growth trajectory,” said Marcio Waldman. “Now more than ever, customers are relying on e-commerce platforms for the products they need to feed, care for, and entertain their pets and Petlove is well positioned to continue to be a leader in the space. As we continue our expansion with the support of L Catterton and our other investors, we are focused on offering unique, value-added and increasingly omni-channel experiences for all our customers.”
“We are pleased to welcome L Catterton, and believe their investment is a testament to the hard work of the entire Petlove team, especially during this time of heightened uncertainty,” said Pedro Faria, Petlove’s Chairman. “With extensive experience across the pet category, a successful track record of building leading e-commerce businesses, and a deep understanding of the Latin American consumer, L Catterton is a strong partner and will help us fuel Petlove’s continued growth.”
“With an innovative digital platform and the broadest product assortment among peers, Petlove offers customers an efficient and convenient alternative to in-store shopping, and customer adoption has continued to accelerate as even more shoppers migrate online,” said Scott Dahnke, Global co-CEO of L Catterton. “Leveraging L Catterton’s deep industry expertise and digital know-how, we are delighted to work with the Petlove team to build on the Company’s impressive momentum and capitalize on the many opportunities ahead.”
“Petlove has established itself as both the market leader in providing pet products digitally, while serving as an unrivaled resource for a growing population of pet owners in Brazil,” said Farah Khan, Partner, L Catterton Latin America. “We look forward to partnering with Marcio and his team to grow Petlove’s customer base, enhance its marketing and branding initiatives, and expand its product and service offerings to create a one-of-a-kind digital pet retail platform for customers across Latin America.”
L Catterton’s current and historic investments in the pet category include Ainsworth Pet Nutrition, Inspired Pet Nutrition, JustFoodForDogs, Lily’s Kitchen, Nature’s Variety, PetVet Care Centers, and Wellness Pet Food.
Founded by veterinarian Marcio Waldman, Petlove offers a complete pet retail platform. The Company also acts as a technology provider for the Brazilian pet market, with more than 2,000 partners, including doctors, veterinary clinics, hospitals, and petshops.
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