The pet economy has welcomed explosive growth within many countries in recent years.
Chinese pet lifestyle brand VETRESKA (Chinese:未卡) announced on June 20 that it has bagged tens of millions of USD in three rounds of financing since 2021. Shine Capital served as the exclusive financial advisor.
Of which, Bojia Capital was the sole investor in Series B+ and Series B2 was fully subscribed by existing shareholder Clearvue Partners. The newly completed Series B3 was led by Singaporean investment firm Altrui Investment, followed by Bojia Capital.
The proceedings will be used to further expand the globalisation of channels and supply chains, upgrade brands with digital innovation, and construct the business centre and brand centre in Singapore, said VETRESKA.
Founded in 2017, VETRESKA is an emerging pet supplies-focused domestic brand, aiming to provide products with quality craftsmanship and clever design.
The global pet market will be approximately USD 261 billion in 2022 and is expected to reach USD 350 billion in 2027, with a compound annual growth rate (CAGR) of 6.1%.
Based on this trend, VETRESKA has started its global journey as early as 2020, and on last year's Amazon Prime Day, VETRESKA recorded sales of hundreds of thousands of dollars in a single day.
"We will focus more on the whole international market from the second half of this year and our overseas business centre and brand centre in Singapore will take more responsibility in operating foreign business", said Donald Kng, the founder and CEO of VETRESKA in the interview.
VETRESKA also said that it will introduce new partners to create NFT products and build a virtual "VETRESKALAND" to achieve a new lifestyle with pets in the metaverse.
Domestic rivals include PIDAN (Chinese: 彼诞), mollybox (Chinese: 魔力猫盒), Petkit (Chinese: 小佩宠物), Pawpawdear (Chinese: 尾巴生活) and Seek (Chinese: 帅克), who completed its Pre-IPO round of financing of CNY 500 million previously.