30 Aug 2021

Riverwood Capital Leads US$150 Million Funding Round in Petlove&Co

Press Releases

São Paulo, August 30, 2021 – Today, Petlove&Co, an ecosystem for pets in Brazil, announced a R$750 million (~US$150 million) investment round led by Riverwood Capital. Also participating were Tarpon, SoftBank, L Catterton, Porto Seguro, and Monashees. This is the largest investment round in Petlove&Co’s history, nearly doubling its latest round, announced in June of 2020.

The new investment enables Petlove&Co to further solidify its position as the largest pet ecosystem in Brazil. “We recognize this movement as one more step in our path to make pet care affordable, simple and delightful, while empowering veterinarians and pet entrepreneurs,” said Talita Lacerda, Petlove&Co CEO.

Petlove&Co, merger of Petlove, DogHero, Vetus, VetSmart and Porto.Pet, will use part of the proceeds of this round to further expand its logistics network, aiming to accelerate its delivery capabilities. Specifically, the company will expand its express delivery service, Petlove Já, which allows products to be delivered to pet parents within 4 hours of placing their order, currently restricted to a handful of cities in Brazil, such as São Paulo and Belo Horizonte. The funding will also contribute to growing Petlove’s subscription program, the first of its kind in the country, and one of the company’s flagship services.

“The Brazilian pet market is one of the largest in the world and Brazilian consumers are increasingly demanding digitally native products and services with a high level of customer-centricity. As a result, Petlove&Co has become a leading pet brand and digital platform in the country. We are very excited to partner with the company on this next phase of growth and expansion,” said Francisco Alvarez-Demalde, Co-Founding Partner and Managing Partner at Riverwood Capital. “The incredible team at Petlove&Co has built a leading e-commerce pet destination and platform, and are passionate about delivering the best customer experience for pets and pet parents.”

“We have been working to reinforce the ecosystem we have built. After the integration with DogHero, the acquisition of Vetus and VetSmart and the launch of Porto.Pet, we have built an increasingly comprehensive and inclusive platform to meet the needs of all stakeholders in this rapidly expanding market. We are excited to welcome Riverwood, one of the top tech investors in the world,” states Lacerda.

Brazil is the 4th largest pet market in total spend. According to the Instituto Pet Brasil, total sales of the Brazilian pet market surpassed US$7 billion (R$40 billion) in 2020, growing 13.5% compared to the previous year, while Petlove grew 65%. Overall, pet ownership in the country is high, with 60% of Brazilians owning pets compared to 50% in the US.

“The continued growth of the overall pet market in Brazil combined with ongoing adoption of e-commerce solutions is driving a need for a technology platform and ecosystem for pet owners to quickly and easily buy products and book services online,” added Joaquim Lima, Partner, Riverwood Capital. “Petlove&Co has a strong underlying technology and distribution network that offers a differentiated and superior customer experience for pet owners to access basic needs like pet food, medicine, and pet insurance, as well as other products relating to hygiene, beauty and entertainment. Petlove&Co intends to further distinguish itself from other players in the pet care segment by continuously investing in technology as its key asset which directly aligns with Riverwood’s strategy and values.”

About Petlove&Co

Petlove&Co is the result of five brands that put love for pets at their center: Petlove, DogHero, Vet Smart, Vetus and Porto.Pet. We are the largest digital ecosystem for pets in Brazil and have a single unifying purpose: to make pets happy and healthy.

Determined to make a difference, Petlove&Co aims to democratize and simplify pet care, offering the best experience for pet parents and empowering veterinarians and entrepreneurs within the pet segment. At Petlove&Co, clients can find everything their pet needs, when they need it, at affordable prices, with superb experience.

About Riverwood

Riverwood Capital invests in high-growth companies in technology and technology-enabled industries. Riverwood offers a unique combination of operational, strategic, technologic, and financial insight to portfolio companies that typically need growth capital and expertise to scale on a global basis. The firm seeks to invest in established businesses with a proven technology and business model, and the proper fit in terms of culture and values. Riverwood has offices in Menlo Park, CA; New York, NY; São Paulo, Brazil; and Miami, FL. For more information, please visit www.riverwoodcapital.com