Pet Circle secures $75 million to fund expansion
Online pet supplies company Pet Circle has secured $75 million in funding from its existing top-tier investor, Prysm Capital, coming after strong retail sales of $308.8 million last year.
The funding will help support Pet Circle’s growth as it continues to invest in expansion to potentially secure a larger share of the pet supplies market – worth $12 billion annually.
“Pet Circle continues to be an innovator in the pet industry, with an unwavering commitment to building an exceptional digital-first customer experience,” said Matt Roberts, co-founder and partner of Prysm Capital.
“Under the leadership of [co-founder] Mike Frizell, they’ve emerged as a major player in a category that continues to see strong tailwinds globally.”
The $75 million investment will also allow the firm to maintain its unicorn value, which it acquired in its Series C round in December 2021. With its expanded offering – which now includes more than 13,500 pet speciality products and insurance – the company aims to secure a larger share of the pet category.
“With a healthy cash balance and continued growth in our core consumables categories, particularly premium food, the outlook for Pet Circle is one of continued and rapid growth,” concluded Frizell.
“This investment boost is yet more confidence from our investors of the opportunity ahead for Pet Circle as we build an exceptional customer experience.”
The investment in Pet Circle is subject to receipt of customary regulatory approvals.