Online pet supplies shop brand Crazy Dog announced today that it has recently raised RMB 300 million (USD 43.4 million) in Series B funding, with Guangdian Capital and Fosun Group as lead investors.
Crazy Dog, which was founded in 2014, said it would use the newly raised capital to improve its branding, services, merchandise range, and distribution channels.
The Jiangsu-based company is one of the leading homegrown internet-based pet supplies brands. It sold more than 5 million bags of dog food last year on e-commerce platforms like Tmall, JD, and Amazon, and it plans to open 20 offline shops in 2019.
Crazy Dog has partnerships with more than 3,000 pet clinics. Its annual sales revenue reached RMB 600 million in 2018.
“New business, new channels, and new sales categories bring Crazy Dog opportunities to succeed,” said company founder Cui Jia. “We are not just a company that sells dog food.”
China’s pet care market reached RMB 170.8 billion (USD 24.7 billion) last year, with pet food accounting for 33.8%, according to a report published by pet-related content portal Goumin.com last August.