Online pet store Pet Circle is looking to raise $200 million to $250 million in its Series C round, at a $1 billion valuation.

The Australian Financial Review (AFR) reported that $100 million is expected to come from an Australian fund and another from a US investor.

The $1 billion valuation would value the business, founded by Michael Frizell and James Edwards, at about three-times revenue.

AFR speculate that of the Australian funds, TDM Growth Partners would be a logical fit as it favours later stage investments. Other potential suitors could be Blackbird Ventures, Square Peg Capital, or Hostplus.

As for the US investors, there is a variety that include, but are not limited, to Tiger Global, Dragoneer, T.Rowe Price, Insight Partners, and Accel Partners.