Pet Circle is in the final stages of closing a funding boost of $75 million from its existing top-tier investor, Prysm Capital.
The funding will accelerate Pet Circle’s growth plans, including ramping up investment in long-term expansion projects, and sees the company maintain its unicorn valuation which it achieved in its Series C round in December 2021.
Mike Frizell, Co-Founder and CEO of Pet Circle, said with a healthy cash balance, and continued growth in its core consumables categories, particularly premium food, the outlook for Pet Circle is one of continued and rapid growth.
“This investment boost is yet more confidence from our investors of the opportunity ahead for Pet Circle as we build an exceptional customer experience.”
Matt Roberts, Co-Founder and Partner of Prysm Capital, said Pet Circle continues to be an innovator in the pet industry, with an unwavering commitment to building an exceptional digital-first customer experience.
“Under the leadership of Mike Frizell, they’ve emerged as a major player in a category that continues to see strong tailwinds globally. We look forward to continuing our partnership in the Company’s next phase of accelerated growth.”
Pet Circle’s range now includes over 13,500 pet speciality products, and with the recent cash injection is well placed to secure a larger share of the pet supplies industry, which is estimated to be worth circa $12 billion annually.