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- Pet Circle
Pet Circle Revenue, Valuation, Funding & Investors
Pet Circle is valued at $1B as of July 2023, a 3.7x revenue multiple. Pet Circle revenue was $269M, as disclosed with its latest round.
Last Pet Circle valuation
$1B
Series D · Jul 2023
Last Pet Circle funding round
$50M
Series D · Jul 2023
Pet Circle revenue
$269M
Series D · Jul 2023
Key investors in Pet Circle
Airtree Ventures
Prysm Capital
Baillie Gifford
Francisco Partners
Athletic Ventures
TDM Growth Partners
About Pet Circle
Pet Circle is a Melbourne-headquartered online pet retailer in Australia, offering subscription deliveries of dog and cat food, medications, toys, accessories, and treats from 1,000+ brands. Founded in 2011, it serves 500,000 active customers with autoship discounts up to 20%. The company donates supplies to over 100 rescue organizations like RSPCA and operates warehouses in Sydney and Brisbane for next-day delivery.
Founded
2011
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Product sales, Subscription
Revenue
$269M (Jul 2023)
Valuation
$1B (Jul 2023)
Pet Circle Valuation
Pet Circle is currently valued at $1B, based on its Series D in July 2023.
The $50M round was led by Prysm Capital.
Pet Circle's valuation has moved from $1B at its Series C in December 2021 to $1B in July 2023, across 2 priced rounds.
Pet Circle valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jul 2023 | Series D | $1B | 3.7x |
| Dec 2021 | Series C | $1B | - |
Pet Circle Revenue
Pet Circle's latest recorded revenue is $269M, as of its Series D in July 2023. At a $1B valuation, that implies a 3.7x revenue multiple.
Revenue grew from $61M in November 2017 to $269M in July 2023.
Pet Circle revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jul 2023 | $269M | $1B | 3.7x | Series D |
| Nov 2017 | $61M | - | - | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Pet Circle Funding History
Pet Circle has raised a total of $141M across 3 funding rounds.
Pet Circle's first fundraising round was a undisclosed-stage round in November 2017. The most recent completed round was a $50M Series D in July 2023.
Pet Circle funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2023 | Series D | Prysm Capital (lead) | $50M | $1B | Pet Circle is Australia's largest online pet retailer, offering over 13,500 specialty pet products including premium food, pet insurance, and potentially pharmaceuticals. The company secured a $75 million (AU$ equivalent) capital injection from Prysm Capital in July 2023, maintaining its unicorn status with a valuation over $1 billion, the same achieved in its prior $125 million Series C round in December 2021 led by the same investor. This funding, subject to regulatory approvals, provides runway for expansion in the $12 billion annual Australian pet supplies market, focusing on long-term projects and accelerating growth in core consumables. In 2022, Pet Circle reported retail sales revenue of $308.8 million, up more than $40 million from the prior year, despite a $31.8 million loss. The company boasts a customer base of 800,000, aiming to reach 1 million in five years, and operates with a healthy cash balance post-funding. Previous investors like AirTree Ventures, TDM Growth Partners, and Baillie Gifford did not participate; AirTree noted its Series A stake had grown 35x in value. Prysm Capital highlighted Pet Circle's digital-first customer experience and leadership under CEO Mike Frizell amid global pet industry tailwinds. The investment follows strong 2022 performance and positions the company against competitors, including in pet insurance where a rival faced regulatory scrutiny. Pet Circle plans to leverage the capital for product range expansion and market share gains without immediate financial need. |
| Dec 2021 | Series C | Prysm Capital (lead); TDM Growth Partners (lead); Baillie Gifford; Athletic Ventures; Airtree Ventures | $91M | $1B | Pet Circle is Australia's largest online pet retailer, founded in 2011 and headquartered in Sydney, offering pet food, supplies, accessories, and more through petcircle.com.au with features like auto-order, efficient delivery, and competitive pricing on leading brands. By 2021, it served over 200,000 customers and grew to support 700,000 loyal customers with over 500 team members, positioning as a leader in the Australian eCommerce pet space. In December 2021, Pet Circle raised funds in a Series C round led by Prysm Capital and TDM Growth Partners, with participation from Airtree Ventures, Athletic Ventures, Aussie Capital, and Baillie Gifford, at a $1 billion post-money valuation, marking unicorn status. Sources indicate fundraising efforts targeted $200-250 million, with $100 million from an Australian fund and $100 million from a US investor, valuing the business at about three times its revenue. The round helped retain unicorn status amid expansion. Revenue around the round was approximately $333 million, as the $1 billion valuation equated to three times revenue per reports. The company continued growth, raising additional rounds like a Series D for $49.97 million in July 2023 from Prysm Capital, bringing total funding over $176 million across multiple rounds. |
| Nov 2017 | Undisclosed stage | Francisco Partners (lead); Airtree Ventures | - | - | Francisco Partners led a growth equity financing in Pet Circle in November 2017, with participation from existing investor AirTree Ventures. Financial terms were not disclosed. The funding was intended to help Pet Circle further disrupt the Australian pet industry, which the announcement valued at A$10.2 billion. Chief executive Mike Frizell said pet owners can simplify shopping by having the finest food and merchandise delivered to their door, and Francisco Partners principal Neil Tolaney said the customer experience and culture the team had built reflected well on its values. AirTree managing partner Craig Blair described the round as validation of the strength of the offering and business model. Pet Circle is an online retailer of pet food, accessories and supplies that delivers to homes across Australia, with a range of more than 6,000 products from local and global brands and over 200,000 customers at the time. Founded in 2011, the company is based in Sydney. |
Who has invested in Pet Circle?
6 investors have backed Pet Circle across its funding rounds, including Airtree Ventures, Prysm Capital, Baillie Gifford, Francisco Partners, Athletic Ventures and TDM Growth Partners.
Lead investors include Prysm Capital, TDM Growth Partners and Francisco Partners.
Pet Circle Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Dec 2021 | ||
| 2 | Participant | Nov 2017 | ||
| 1 | Participant | Dec 2021 | ||
| 1 | Participant | Dec 2021 | ||
This data is available for Pro users. Sign up to see all 6 Pet Circle investors. Start Free Trial | ||||
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Start Free TrialPet Circle Competitors
Pet Circle competitors include listed companies like Chewy and Apotea, and private ones like PetLove, The Farmer's Dog, BeiBei and Cider.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $96M | - | $675M | 7.0x | ||
| Private | - | - | $504M | - | ||
| Publicly listed | $13B | $377M | $8.6B | 0.7x | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Publicly listed | $732M | $47M | $974M | 1.2x |
Pet Circle Public Comps
Pet Circle is still privately-owned, but its public comps include Apotea, Oil-Dri Corp of America, Pet Valu, DocMorris, Boozt, Tuhu Car, Bluestone Jewellery, Moonpig Group, Vetoquinol and Gold.com.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $732M | $47M | 1.4x | 1.2x | 21.2x | 16.9x | |||
| $494M | $93M | 2.1x | 2.1x | 10.9x | - | |||
| $841M | $169M | 1.8x | 1.8x | 9.0x | 8.4x | |||
| $1.4B | ($73M) | 0.8x | 0.8x | (15.7x) | (39.1x) | |||
| $842M | $71M | 1.2x | 1.1x | 14.2x | 10.3x | |||
| $2.5B | $85M | 0.2x | 0.2x | 6.0x | 6.1x | |||
| $256M | $41M | 4.9x | 4.0x | 30.4x | 31.6x | |||
| $499M | $140M | 2.5x | 2.4x | 8.8x | 8.7x | |||
This data is available for Pro users. Sign up to see all Pet Circle competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Pet Circle
| When was Pet Circle founded? | Pet Circle was founded in 2011. |
| Where is Pet Circle headquartered? | Pet Circle is headquartered in Sydney, Australia. |
| Is Pet Circle publicly listed? | No, Pet Circle is a private, VC-backed company. |
| What is Pet Circle's valuation? | Pet Circle was last valued at $1B in its Series D in July 2023. |
| How much funding has Pet Circle raised? | Pet Circle has raised $141M across 3 funding rounds. |
| What was Pet Circle's last funding round? | Pet Circle's last funding round was a $50M Series D in July 2023, led by Prysm Capital. |
| Who are Pet Circle's investors? | Pet Circle's investors include Prysm Capital, Airtree Ventures, Baillie Gifford, Athletic Ventures, Francisco Partners and TDM Growth Partners. |
| What is Pet Circle's revenue? | Pet Circle's latest recorded revenue is $269M (July 2023). |
| What is Pet Circle's revenue multiple? | Pet Circle's latest valuation implies a 3.7x revenue multiple ($1B valuation on $269M of revenue). |
| Which companies are comparable to Pet Circle? | Companies comparable to Pet Circle include PetLove, The Farmer's Dog, Chewy, BeiBei, Cider and Apotea. |
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