Pet lifestyle company Vetreska will be receiving a US$20 million Series B financing from private equity funds firm ClearVue Partners to accelerate its brand building and international market expansion.
Vetreska's two founders entered the Chinese pet industry in 2017 with its luxury cat products that range from food to fashion and furnishings. Targeting a specific market of young, single Chinese female pet (mainly cat) owners from the urban centers, Vetreska made short work of the market by earning US$9.5 million in sales and US$720,000 in profit in its first year. In 2019, the company made US$30 million with US$2 million in profit and has since expanded into Japan, South Korea, New Zealand, Canada, Australia and the United States.
More about Vetreska’s products and success
Vetreska's products are marketed as “luxurious” and follow trends in food, fashion and home design. Recently, it surprised its market with a “bubble tea” snack for cats made from dried cod and meat after seeing how much the tea-based milky drink with tapioca pearls has become so popular among young people.
Vetreska's all stages cat kibbles are being produced in New Zealand and are made with free-range chicken, grass-fed beef and Pacific salmon.
The brand is also highly associated with a cat scratching post that looks like a cactus tree that Vetreska's founders designed and priced around US$100.
To give itself a lot of leeway in creating cat products with unique concepts, Vetreska has applied for a broad trademark registration in China that includes catnip, edible cat treats, animal feed and beverages, litter for cats and other small animals, dog food and mixed animal feed.
Vetreska’s future in global markets
Vetreska co-founder Donald Kng said around 40,000 traditional stores in 60 cities and 33 provinces across China and e-commerce giants Alibaba and Amazon all carry their feline products.
“With the backing of ClearVue Partners, we will be able to expand our network in global markets and seek crossover collaborations with world-class consumer brands,” he said.
Clearvue's investments into Vetreska will top up the US$10 million the company received from SIG China and other investors in 2019.