Pet Circle Revenue, Valuation, Funding & Investors

Pet Circle is valued at $1B as of July 2023, a 3.7x multiple on its last reported $269M revenue.

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

  • Prysm Capital
  • Airtree Ventures
  • Baillie Gifford
  • Athletic Ventures
  • TDM Growth Partners
  • Aussie Capital

Pet Circle Overview

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

AustraliaSydney

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
Pet Circle valuation by funding round
DateStageValuationRevenue Multiple
Jul 2023Series D$1B3.7x
Dec 2021Series 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.

Pet Circle revenue by funding round

Pet Circle revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jul 2023$269M$1B3.7xSeries D

* 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 2 funding rounds.

Pet Circle's first fundraising round was a $91M Series C in December 2021. The most recent completed round was a $50M Series D in July 2023.

Pet Circle funding rounds

Pet Circle funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2023Series DPrysm Capital (lead)$50M$1BPet 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 2021Series CPrysm Capital (lead); TDM Growth Partners (lead); Baillie Gifford; Athletic Ventures; Aussie Capital; Airtree Ventures$91M$1BPet 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.

Who has invested in Pet Circle?

6 investors have backed Pet Circle across its funding rounds, including Prysm Capital, Airtree Ventures, Baillie Gifford, Athletic Ventures, TDM Growth Partners and Aussie Capital.

Lead investors include Prysm Capital and TDM Growth Partners.


Pet Circle Investors

Investors in Pet Circle by funding rounds participated
InvestorHQRoundsRoleFirst check
Prysm CapitalUnited StatesPrinceton, NJ2LeadDec 2021
Baillie GiffordUnited KingdomEdinburgh1ParticipantDec 2021
Athletic VenturesAustraliaSydney1ParticipantDec 2021
Aussie CapitalAustraliaSydney1ParticipantDec 2021

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Pet Circle Competitors

Pet Circle competitors include listed companies like Chewy and Moonpig Group, and private ones like The Farmer's Dog, BeiBei, Cider and KKW Beauty.

Public and private companies comparable to Pet Circle
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
The Farmer's DogUnited StatesNew York City, NYPrivate--$504M-
ChewyUnited StatesUnited StatesPublicly listed$13B$377M$8.4B0.7x
BeiBeiChinaHangzhouPrivate--$1B-
CiderHong KongHong KongPrivate--$1B-
KKW BeautyUnited StatesLos Angeles, CAPrivate$100M-$1B10.0x
Moonpig GroupUnited KingdomUnited KingdomPublicly listed$501M$140M$1B2.3x

Pet Circle Public Comps

Pet Circle is still privately-owned, but its public comps include Moonpig Group, Vetoquinol, Hepsiburada, Pet Valu, Brainbees Solutions, Boozt, GoodRx, Bxn Holding, CEWE Group and CVS Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Moonpig Group$501M$140M2.3x2.3x8.2x8.2x
Vetoquinol$605M$127M1.3x1.3x5.9x5.9x
Hepsiburada$1.7B($51M)0.5x0.3x(15.8x)28.7x
Pet Valu$842M$170M1.7x1.7x8.4x7.8x
Brainbees Solutions$866M$29M1.1x1.0x31.8x23.1x
Boozt$845M$71M1.1x1.0x13.0x10.3x
GoodRx$797M$173M1.8x1.8x8.1x5.5x
Bxn Holding$771M$100M0.8x0.8x6.4x6.0x

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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 2 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, Baillie Gifford, Athletic Ventures, Aussie Capital, TDM Growth Partners and Airtree Ventures.
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 The Farmer's Dog, Chewy, BeiBei, Cider, KKW Beauty and Moonpig Group.

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