Goldman Sachs-backed Chinese pet products and services platform Boqii.com has garnered over $60 million in new funding.
Boqii.com raised funds from investors outside of China, said Korea Investment Partners (KIP), a member of Seoul-based Korea Investment Holdings, in a WeChat post on Friday.
KIP, who said that it was a lead investor in Boqii.com’s Series C round, did not name backers in the new round.
Boqii.com did not reply to DealStreetAsia’s inquiries. KIP could not be immediately reached outside of the working hours.
According to Chinese market researcher iiMedia Research, the scale of China’s pet market has reached nearly 171 billion yuan ($24 billion) in 2018 and is poised to hit more than 295 billion yuan ($42 billion) in 2020.
The country’s pet food market alone is projected to register a compound annual growth rate (CAGR) of 6.3 per cent between 2020 and 2025, as per a Mordor Intelligence report.
Shanghai-based Boqii.com was launched in September 2008 and started as an online pet encyclopedia, as well as a website for pet enthusiasts to exchange and share their pet raising experience.
The company later entered into the e-commerce field, delivering pet-related products like dry & wet pet food, treats and snacks, shampoo, clothes and beds before it further expanded offerings in 2014 to cooperate with offline pet stores and hospitals to provide pet fostering, grooming, sterilization, and healthcare services, among others.
In the previous Series C round, Boqii.com collected $102 million in what it claimed to be the largest investment in the Chinese pet industry in February 2016. The deal was backed by investors including Goldman Sachs and Chinese commercial bank China Merchants Bank, as well as Boqii.com’s executives who injected a combined $4 million.
Goldman Sachs also invested $25 million in Boqii.com’s Series B round in February 2014. It first poured money into the company’s Series A round in October 2012 along with JAFCO Asia, a subsidiary of Japanese venture capital firm JAFCO. The Series A round was worth tens of millions of U.S. dollars.