Pet lifestyle brand Vetreska on Monday announced that it raised USD 20 million from two financing rounds that started earlier this year. Private equity firm Clearvue Partners led the Series B, while China Growth Capital led the A2 funding round.
Previous investor Susquehanna International Group (SIG) also participated in both rounds. Vetreska’s CEO and co-founder Donald Kng told KrASIA that the company will use the fresh funds for brand building, to expand its oversea markets, and to grow a new fashion line. “We will start prioritizing our direct to customers marketing,” Kng said. “We will collaborate with more key opinion leaders (KOLs) and probably have celebrity endorsements.”
The firm is planning to widen its reach through advertising, collaborating with big brands from various industries, such as hotels, the automotive, as well as food and beverage sector. Kng said that these partnerships have been closed prior to the fundraising, but he didn’t want to mention names.
Despite the economic woes due the COVID-19 pandemic, Vetreska is still growing rapidly. Kng said that, as of July this year, the company already achieved its total revenue of 2019, mostly by sales through its distributors. “Our online sales also increased fourfold,” he added, without providing any numbers.
The company is now planning to strengthen its offline distribution network in the US and will apply for a business license in Japan. It also intends to open additional cat cafes in five different Chinese cities by 2021. Vetreska currently has one in Shanghai, which according to Kng is doing “slightly better than expected,” bringing in around USD 30,000 in monthly revenue.
Leveraging on its largest customer base—young, single, millennial women—Vetreska launched a new high-end jewelry brand named Theyknow, which is sold via Alibaba’s marketplace platform. “Vetreska’s business revolves around this group,” Kng said. “This is how we want to build our portfolio.”