Woolworths injects more funds into its pet portfolio
Australia’s largest retail group pumped A$4.9 million ($3.3M) into online pet food and supplies retailer PetCulture.
Local media reported that the supermarket and grocery store chain had further invested in its joint venture with pet insurance PetSure, which was launched in 2020.
“The joint venture parties continue to operate PetCulture as a stand-alone business, benefiting from the specialist expertise of the Woolworths and PetSure businesses,” said a company spokesperson to Channel News.
Woolworths Group CEO Brad Banducci added the agreement would expand the group’s presence in the growing pet retail segment.
Woolworths Group holds 60% of the stake in PetCulture, while PetSure owns the other 40%. PetCulture provides vet and insurance services to help pet parents meet their pets’ health and well-being needs.
This investment comes on the back of acquiring 55% of Petspiration, the owner of the retail chain PETstock.
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