Pet Circle raises $50 million to expand its market share

Sydney-based PetCircle is to receive a capital injection of AU$75 million ($50M/€45.8M) from existing investor Prysm Capital, a private equity firm based in San Francisco.

The funding is expected to accelerate the retailer’s growth plans, including investing in long-term expansion projects to secure a larger share of the Australian pet supply industry. Research from Animal Medicines Australia (AMA) concluded that Aussie pet parents spent AU$33.2 billion ($22.1B) on pet supplies last year.

“This investment boost is yet more confidence from our investors of the opportunity ahead for Pet Circle as we build an exceptional customer experience,” says Pet Circle Co-Founder and CEO Mike Frizell.

In a recent interview with PETS International, Frizell said that the online pet retailer aims to increase its customer base from the current 800,000 to 1 million within the next 5 years. The company also announced a new venture into the insurance sector a few weeks ago.

The funding, subject to customary regulatory approvals, sees the company maintain its unicorn valuation achieved in its AU$125 million ($82.6M/€75.6M) Series C funding round at the end of 2021.