Premium Petcare raised funding to create
a portal named PetsPyjamas.com,
with the aim of taking a substantial bite out of the £10 billion ($16
billion) European petcare market.
Premium Petcare has agreed the funding with leading venture capital
group 3i. It plans to build on its existing e-commerce Web site,
expanding its range of services to include veterinary advice and
pet insurance.
“We are attacking a £10 billion market for petcare in Europe
that is as yet untapped by e-commerce,” said Charles Fallon, Premium
Petcare’s co-founder and managing director.
“The competition in pet portals has been developing rapidly in the
USA over the last six months with at least half-a dozen startups all
attracting funding, but we will be the first for European pet owners
and their pets.”
Fallon went on to say that Premium Petcare’s initial target
markets are Germany, France and the UK, which between them account
for the majority of petcare sales in Europe.
Premium Petcare has already traded for a full year, clocking up
sales of £1.5 million ($2.4 million). In 1999/2000, it
expects sales to grow to exceed £5 million ($8 million).
The new investment in Premium Petcare was led by Gordon Hague
on behalf of 3i in the north west.
“We first backed Premium Petcare in 1998, providing 3i with the
opportunity for a strategic investment into an expanding industry,
as well as the chance to support an impressive management team,”
said Hague.
“This move into e-commerce is a natural progression and will
consolidate the company’s market position within Europe and
enable it to enter a new and exciting phase of development.”
