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Petdirect goes from lockdown to securing multi-million dollar investment deal

Launched during the Covid-19 pandemic in March 2020 by GrabOne Founder Shane Bradley, Petdirect has quickly become a prominent player in the pet industry.

An online retail space for pets, Petdirect’s rapid growth has grabbed the attention of Pencarrow Private Equity, who are providing a multi-million dollar injection of capital.

With the investment, Petdirect is aiming to continue on its trajectory to becoming the country’s go-to for everything pet related.

“We’re thrilled to announce that Pencarrow’s investment will accelerate our ambition of becoming New Zealand’s leading pet retailer, setting a benchmark for excellence,” says CEO of Petdirect, David Anderson.

Petdirect has picked a good time to launch, with pet ownership having risen by 13 percent over the last decade, according to the New Zealand Department of Internal Affairs.

Petdirect has already been able to secure 55 percent of the specialty pet food market share, and as of July 2023 it recorded over 92,000 active customers.

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“Our goal is to craft an unmatched experience by providing a carefully curated selection of products, expert guidance, and unparalleled service. Poised to lead, we aim to be New Zealand’s first choice for pet enthusiasts, challenging any competition in our path,” adds Anderson.

Petdirect says that with the investment by Pencarrow, they are expected to solidify their position as a challenger.

The multi-million dollar investment deal will support their dual focus of enhancing their online platform and venturing into the world of brick-and-mortar stores.

“We specialise in backing companies with significant growth potential and ambitious, talented management teams – Petdirect ticked all the boxes. We’re confident this investment will help expedite Petdirect’s expansion and support the exciting plans Dave and the team have for the business,” says Jonathan Goldstone, Managing Partner at Pencarrow.

With Petdirect’s new cash injection, the pet retailer is poised to take an even bigger bite out of the market.

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