razilian pet product e-commerce platform PetSuperMarket is pushing forward into a new phase in hopes of catapulting itself to new heights in the Brazilian marketplace. With investments from Monashees Capital, Tiger Global and Kaszek Ventures, the company has updated its brand, changing its name to PetLove.
PetLove leaders plan to use its new funds and updated name as momentum to increase its number of users to 320,000 by 2015. The company, which veterinarian Márcio Waldman founded 12 years ago, will also look towards growing its product offer and respond to evolving client needs. It will employ new marketing and sales strategies and expand its team in the months and years to come.
The pet market in Brazil is estimated to reach a value of US$7 billion in 2012 and continue to grow from there (reported by ABINPET, the Brazilian Association of Animal Products). Such indications represent a huge opportunity for PetLove as the buying power of pet owners continues to increase.
The e-commerce platform, which features products from big names like Eukanuba, Purina and Nestle, also hopes to capitalize on the attractive nature of its customer loyalty program, which awards incremental discounts of up to 8% to returning customers.
The investments received from major players in the technology field represent a vote of confidence for PetLove as it moves forward into a new stage of development.