Business

Brazilian pet products retailer PetLove raises $23 million from L.Catterton; it's the second infusion in two months

After receiving an investment of BRL 250 million ($48 million) from SoftBank in April, the Brazilian pet products online retailer Petlove received its second infusion in two months, from the private equity fund L. Catterton. The company did not disclose the amount raised, but according to O Estado de S.Paulo, it's BRL 125 million.

Marcio Waldman, founder of Petlove. Photo: YouTube/Screenshot
  • PetLove received its second infusion in two months;
  • Marcio Waldman, the founder of PetLove, told O Estado de S.Paulo that during the crisis the retailer had sales soaring 300% in a day.

After receiving an investment of BRL 250 million ($48 million) from SoftBank in April, the Brazilian pet products online retailer PetLove received its second infusion in two months, from the private equity fund L. Catterton. The company did not disclose the amount raised, but according to O Estado de S.Paulo, it’s BRL 125 million.

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The startup will use the resource to develop a new platform in the pet segment, according to the Brazilian newspaper. “We strongly believe in the Brazilian consumer sector, not just now, but for the past five years. We continue to support the sector for years to come,” said L. Catterton’s Latin America partner Farah Khan in an interview with the media outlet. She says that the fund considers that PetLove focused on the digital platform and in the pet guardians segment is a position of advantage.

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According to Marcio Waldman, founder of Petlove, during the crisis the retailer had days with 300% more sales. “Today we are experiencing an increase of 30% compared to the pre-coronavirus period, and of 100% compared to the same period last year”, said Waldman to the newspaper.