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.