Today Pet360, Inc., with assistance from current investory LLR Partners, closed an $18 million growth equity investment by Updata Partners.
Prior to today, Pet360, Inc. had dominated the pet industry, leading in online pet information, community and commerce. It is the parent company of pet food and supplies site PetFoodDirect.com, pet health and medication site NationalPetPharmacy.com and comprehensive pet wellness information site petMD.com. Now, following Updata Partners investment, they can further accelerate their growth, expansion and positioning, while the investment also provides capital to further differentiate the organization. Assumed by their lucrative investment, Updata Partners believes very highly in Pet360, Inc.
“Our growth equity investment in Pet360, Inc. represents our confidence in its portfolio of leading online pet brands and the significant opportunity for growth,” said Conor Mullett of Updata Partners, a leading growth equity firm based in Virginia and New Jersey. “Pet360 has a highly experienced management team, a solid operational structure and a loyal customer base. We look forward to furthering the success they have achieved as a fast-growing company.”
Essentially, Pet360, Inc. has honed in on a niche market and developed a trusting and convenient place for all pet owners, accumulating approximately 63 percent of U.S. households. They provide an all-in-one company for pet owners to get anything they need outside of vet care. Pet360, Inc. believes Updata Partners can only help.
“Updata Partners has the seasoned talent, connections and operational expertise to help capitalize on how pet owners are gathering information, socializing together, and purchasing products within the digital landscape. Updata’s digital commerce and technology investment track records speak for themselves, and we look forward to working with their team,” said Brock Weatherup, Chief Executive Officer Pet360, Inc.