SAO PAULO, BRAZIL and NEW YORK — Petlove, an e-commerce pet platform in Brazil, on June 18 announced a strategic investment from the Latin America division of L Catterton, a global private equity firm.
The firm will partner with Petlove leaders and three other investors to accelerate the platform’s growth and expansion throughout Brazil. The strategic partnership will utilize technological solutions to drive pet product consumption online.
"In a time when people are spending more time online, Petlove has achieved significant momentum in new subscriptions and new customers, and this announcement marks an important step in the Company's growth trajectory," said Marcio Waldman, founder and chief executive officer of Petlove. "Now more than ever, customers are relying on e-commerce platforms for the products they need to feed, care for, and entertain their pets and Petlove is well positioned to continue to be a leader in the space.
“As we continue our expansion with the support of L Catterton and our other investors, we are focused on offering unique, value-added and increasingly omni-channel experiences for all our customers,” Waldman added.
Petlove has also partnered with Vet Smart, a digital content and services provider, to expand its offerings and introduce e-commerce capabilities at independent veterinary practices and brick-and-mortar pet stores across Brazil.
"With an innovative digital platform and the broadest product assortment among peers, Petlove offers customers an efficient and convenient alternative to in-store shopping, and customer adoption has continued to accelerate as even more shoppers migrate online," said Scott Dahnke, global co-chief executive officer of L Catterton. "Leveraging L Catterton's deep industry expertise and digital know-how, we are delighted to work with the Petlove team to build on the Company's impressive momentum and capitalize on the many opportunities ahead."
L Catterton will work directly with Waldman, as well as SoftBank, Tarpon and Monashees investors to help the e-commerce pet retailer achieve its strategic growth goals.
"Petlove has established itself as both the market leader in providing pet products digitally, while serving as an unrivaled resource for a growing population of pet owners in Brazil," said Farah Khan, partner at L Catterton Latin America. "We look forward to partnering with Marcio and his team to grow Petlove's customer base, enhance its marketing and branding initiatives, and expand its product and service offerings to create a one-of-a-kind digital pet retail platform for customers across Latin America."
L Catterton has previously invested in pet industry brands including Ainsworth Pet Nutrition, Inspired Pet Nutrition, JustFoodForDogs, Lily’s Kitchen, Nature’s Variety, PetVet Care Centers and Wellness Pet Food.
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