China's pet product market continues to grow, drawing increasing investment in domestic brands.
BRIGHT (Chinese: 布兰德), a mid-to-high-end Chinese brand producing functional pet food, secured a Pre Series A round of funding of tens of millions of CNY yesterday.
The investment was exclusively from the listed e-commerce service provider Guangzhou Ruoyuchen Tech. Co.,Ltd. (003010.SZ, Chinese: 若羽臣).
The funds raised in this round will be put into developing products, upgrading supply chain systems, and expanding marketing and sales channels. BRIGHT received nearly CNY 10 million (USD 1.48 million) in an angel round of funding in November 2021.
Established in March 2021, BRIGHT is a company specializing in pet food development with a focus on gastrointestinal health, coat care, and postural care. The sales of one of BRIGHT's most popular products, soft canned cat food, made it to the top of the pet food segment on all channels combined in 2022. And its freeze-fried cat food achieved the highest number of sales in the segment in the 2022 Tmall Double Eleven Shopping Festival. BRIGHT's gross merchandise volume in 2022 approached CNY 100 million.
Apart from BRIGHT, Ruoyuchen invested in pet medical research and disease prevention brand Best Care (Chinese: 倍珍保) and veterinary brand MoreCare (Chinese: 愈宠). Both have built competitive advantages in product development and supply chain management.
Other players in the pet food market include Royal Canin, Myfoodie (Chinese: 麦富迪), and BRIDGE (Chinese: 比瑞吉).