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Petopia.com Raises Additional $10 Million in Funding

Petopia.com was handed a bone Wednesday as tech financier Greyrock Capital injected the company with $10 million in funding.

Petopia.com said the additional capital will be used to continue to build its business and expand its infrastructure, as well as to support marketing efforts and hiring of industry talent.

"This additional funding from Greyrock Capital shows tremendous support of our integrated retail strategy," said Andrea Reisman, chief executive officer of Petopia.com. "With Greyrock's support, we will be able to continue to grow the business in ways that is most beneficial for our customers."

"We were impressed by Petopia.com's integrated retail strategy and alliances with PETCO and other industry leaders," said Richard Suhl, president of Greyrock Capital. "With Petopia.com's high caliber investor base, revolutionary business model and tremendous vision for the pet industry, Greyrock wanted to assist with the execution of this winning strategy."

In December Petopia.com raised $35 million from current investors Technology Crossover Ventures, PETCO Animal Supplies, Inc. (PETC) and Europ@web, the Internet investment company established by Group Arnault, and new investors Attractor Investment Management, Inc., BancBoston Ventures and Comdisco Inc.