Business

Brazilian pet products retailer PetLove to receive $48 million from SoftBank

Brazil’s pet market had BRL 24 billion in revenue last year, among the three largest in the world

Softbank Logo at The entrance to the office in Tokyo, Japan
SoftBank Group will invest BRL 250 million ($48 million) in pet products online Brazilian retailer Petlove. Photo: Shutterstock

SoftBank will invest BRL 250 million ($48 million) on the Brazilian pet products online retailer Petlove. The money will come from SoftBank’s Latin America fund, and it will add to previous venture capital investments from KasZek Ventures, Monashees and private equity firm Tarpon.

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Marcio Waldman, founder of Petlove, said in a statement, according to Reuters, that the investment would help accelerate Petlove’s growth amid higher demand for online services during quarantine measures to prevent the spread of COVID-19. Also, Euromonitor data reported that Brazil’s pet market had BRL 24 billion in revenue last year, among the three largest in the world.