China-based pet products manufacturer PETKIT has raised a $20-million Series C round led by Chinese venture capital firm Qiming Venture Partners and joined by existing investor GGV Capital, it said in a statement on Thursday.
The fresh funding will be used for product development and to further drive PETKIT’s overseas expansion.
Founded in 2013, PETKIT made its debut in the Chinese market via smart water and food dispensers for pets. In 2018, the startup expanded its smart products to watering, cleaning and feeding. The startup’s overall revenue for 2018 stood at 220 million yuan ($32.7 million).
The startup last raised a 100 million yuan ($15 million) Series B round in December 2017, a $2 million Series A round in May 2014 and an undisclosed angel round in April 2014.
Noting the higher purchasing power and more mature users in the overseas markets, PETKIT will look to set up offices and warehouses out of China, to enhance the stability of cross-border logistics and its sales channels. Currently, PETKIT’s products are available in 40 countries.
Founded in 2006, Qiming Venture has offices in Shanghai, Beijing, Suzhou, Shenzhen and Hong Kong. In 2017, Qiming raised its first US fund and set up Qiming’s offices in Seattle, Boston, and Palo Alto. It manages seven US dollar funds and five RMB funds with $4 billion assets under management.
Qiming Venture is currently raising $250 million for its second US healthcare fund and it is expected to have its final close by 2019. In China, it recently promoted various professionals including Stella Zhou to partner. Last June, Qiming Venture took the lead in the $37-million first close of Shanghai-based biopharmaceutical firm Alpha Biopharma’s Series A financing.
In Southeast Asia, the firm’s founding managing partners Gary Rieschel has given the firm a year to decide whether to launch a Southeast Asia fund.