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$125 Million Investor Raise — eCommerce Australian Unicorn

With the pet industry in Australia worth a whopping $13 Billion, Pet Circle is one company that has taken their eCommerce business model to the next level when it comes to customer experience and ordering pet food online.

Founded in 2011 by Michael Frizell and James Edwards operating from their garage, they made $1 Million in revenue their first year of operation. If that wasn’t impressive enough they went on to bank a total $12 Million in their first 3 years of operation. That’s 330% growth and won top spot in the 2014 Smart50 awards by SmartCompany

Now valued at over $1 Billion dollars, they have evolved to include subscriptions, VetChat and even pet telehealth services.

Pet Circle is a retail enterprise that sells everything a pet owner could want or need. They are the most well-known and well-established online pet store in Australia with warehouses based in Sydney, Australia.

Since its founding, the company’s mission has been straightforward: to meet all of the committed pet owners’ demands without them having to leave the convenience of their own homes.

A decade has passed, and today, Pet Circle provides improved services to over 700,000 repeat consumers. These improvements range from a more comprehensive selection of available products to lower prices. Their workforce currently numbers more than 600 people, and they are a pioneer in the rapidly expanding field of eCommerce in Australia.

Their 2021 Series C raise amassed 125 million dollars in funding and made them one of Australia’s latest unicorn companies.

The round was led by US firm Prysm Capital along with Sydney-based TDM Growth Partners.

UK investor Baillie Gifford also contributed, along with Aussie Capital and existing backer AirTree.

Investment Funding

• Feb 7, 2017 — Venture Round — Airtree Ventures
• November 14, 2017 — Venture Round — Francisco Partners
• December 7, 2021 — Series C — Prysm Capital, TDM Growth Partners, Airtree Ventures, Aussie Capital, Baillie Gifford — $125 Million

Craig Blair, co-founder and partner at AirTree, called the Pet Circle founding team “quiet achievers” of the Aussie startup scene.

“The role pets play in our lives can’t be understated,” Blair added.

“As pet owners now look for the same level of variety and quality of products as they do for themselves, Pet Circle is in the best position to meet these expectations.”

While no recent revenue figures have been provided, the business has seen strong growth over the past 18 months, as the COVID-19 lockdowns led to a boom in pet ownership.

The latest funding will fuel accelerated growth, allowing the team to further develop the software platform and expand Pet Circle’s warehouse footprint, fleet of vehicles and product range.

“We are on a mission to reinvent the experience of pet ownership,” Frizell said in a statement.

Insights

Pet Circle looks to be expanding and growing their team with a number of jobs listed on LinkedIn including ‘Mobile React Native Developer” and “Marketing CRM Lead”. With 64% growth over the past 2 years according to LinkedIn I think we’ll continue to see this company expand and evolve technologically.

Interesting to note they started out initially with custom software around logistics and delivery to prove the business model.

Looking forward to seeing what’s next for this powerhouse eCommerce company.