ICP invests in Chinese pet healthcare chain, Loving Care
To capitalize on the growing demand for complex and specialty care for China’s large pet population, the company with 50 specialty clinics across China attract more capital from Inspiration Capital Partners for expansion.
According to the company, the number of pets in China has exceeded 100 million in 2020, with about 70% under six years old. As these pets age in the next three to five years, demand for complex and specialty treatment is expected to experience fast growth, driving up demand for Loving Care’s services.
ICP’s investment will be used to support Loving Care’s strategic initiatives, accelerate its national expansion and expand the team.
Xue Li, founder and CEO of Loving Care, said: “We are pleased to have ICP as our shareholder and partner. ICP has a deep understanding of China’s pet market with a long-term and patient investment strategy. With their investment, we will continue growing our specialty petcare capabilities and expand in select markets in China. At the same time, we will leverage our clinical knowhow and talent development system to develop an ecosystem with our industry partners to help the petcare market further grow.”