Foley & Lardner represented Riverwood Capital as lead investor in a $150 million (R$750 million) funding round for Petlove&Co, a São Paulo-based digital platform for products and services for the pet market. This round is nearly double that of what Petlove has raised in its history, bringing the company’s total investment to $225.8 million over its lifetime. Additional investors in this funding round included Tarpon, SoftBank, L Catterton, Porto Seguro and Monashees.
Petlove began as PetSuperMarket when it was founded in 1999. Today, the company continues to operate an online store offering a wide range of pet products and services.
According to the company, Petlove will use the new capital in part to further expand its logistics network with the goal of accelerating its delivery capabilities. In particular, it plans to expand the footprint of its express delivery service, Petlove Já, which allows products to be delivered within four hours of an order being placed. The funding will also go toward growing Petlove’s subscription program. The company saw “a substantial growth” in its subscription service during the pandemic, which reached 75% of Petlove’s volume.
Foley partner André Thiollier advised Riverwood in the transaction.