Investors see opportunities in China's fast-growing pet industry as the growth driven by rising pet ownership continues.
BUCATSTATE (Chinese: 布卡星) bagged over CNY 10 million in a Pre-Series A round on February 10. The round was led by Jinding Capital (Chinese: 金鼎资本), with the participation of Co-Share Capital (Chinese: 合享创投).
BUCATSTATE partnered with China Pet Foods plc (Chinese: 中宠股份, SZ:002891) and local governments in building small pet industrial parks starting Q1 2023. Proceeds from this funding round will be put into the collaborative project.
Founded in 2019, BUCATSTATE engages in developing, manufacturing, and selling small pet supplies and foods, with its products mainly for hamsters and to be extended to more pets such as birds and rabbits.
The company raised tens of millions of CNY in a Pre-Series A round from the Jinding Capital and Co-Share Captial in August 2022. Additional investment from the two investors in six months can be seen as an expression of confidence in BUCATSTATE's growth prospects.
China's pet industry market size is expected to reach CNY 811.4 billion (USD 118.88 billion) in 2025, according to the "2022-2023 China Pet Industry Development and Consumer Research Report" compiled by iiMedia Research.
Leading pet food manufacturers in China include Mars, Nestle, and Huaxing (Chinese: 华星宠物).