SAO PAULO – Japan’s SoftBank Group Corp. reached an agreement to invest 250 million reais ($ 48 million) in the online retailer of Petlove pet products, the company said in a statement on Tuesday.
The investment will come from Latin American SoftBank funds, adding to previous venture capital investments from KasZek Ventures, Monashees and private equity firm Tarpon.
Petlove founder Marcio Waldman said in an investment statement it would help accelerate Petlove’s growth amid higher demand for online services during a period of social isolation mandated by Brazilian authorities to limit the spread of the corona novel virus.
The Brazilian pet market had revenue of 24 billion reais last year, among the three largest in the world, according to Euromonitor data. Online sales only represent 3.8% of
total pet supply sales in Brazil, while in the United States they exceed 18% said SoftBank partner Paulo Passoni in his statement.
(Reporting by Carolina Mandl and Tatiana Bautzer; Editing by Edmund Blair and Steve Orlofsky)
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