Pets.com Raises $50 Million
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Pets.com Monday announced it has raised $50 million from e-tailer Amazon.com and venture capital firms Bowman Capital and Hummer Winblad Venture Partners.
This second round of financing will be used for marketing and branding efforts, infrastructure building, and company growth.
"We are running hard and fast to make Pets.com the best possible customer experience, from product selection to customer service," said Julie Wainwright, Pets.com's chief executive officer. "This significant investment allows us to support our plans to build an enduring, customer-focused company."
Pets.com recently brought its entire shopping process in house, from order fulfillment to customer service. The company has opened its first distribution center, hired a customer service staff and added a toll-free customer service phone number.
Matthew Cowan, investment partner at Bowman Capital, cited Pets.com's industry expertise and strategic partnership with Amazon.com as motivating factors for the investment.