Pet Tech Brand Pet Marvel Raises Nearly CNY 100 Mn in A+ Round Fundraising

Technology Author: Notrice Sep 27, 2023 04:58 PM (GMT+8)

According to EqualOcean, the pet tech brand Pet Marvel(鸟语花香)has recently completed nearly CNY 100 million in A+ round of fundraising. This round of funding was led by existing shareholders Nais Group(纳爱斯集团) and a fund under CICC capital(中金资本).

Dog / Pet

Pet Marvel was founded in 2019, which has an independent product design team and a team specializing in pet behavior psychology research. Leveraging a high-quality supply chain and quality control system, the company is dedicated to creating a high-quality pet consumption concept and a three-dimensional pet-raising lifestyle scene.

According to EqualOcean, Pet Marvel's product range includes categories such as pet smart living, non-smart durable goods, cleaning and personal care, toys, and more. They have launched over 60 products and nearly 300 SKUs. Some of their popular products include the Mini Pet Smart Feeder, Natural Wind Pet Smart Dryer, Magic Cube Smart Cat Litter Box, Eggshell Cat Teaser Toy, and Gravity Feeder and Water Dispenser Combo. These products, known for their unique design and functionality, have gone viral on platforms like TikTok, with total annual sales exceeding CNY 40 million and annual GMV for the entire product line approaching CNY 100 million.

In addition to their unique product design, Pet Marvel's efficiency in product launches is also one of their advantages. They can introduce regular pet products in 45-60 days, while the market average is around 3-4 months. For smart products, their development cycle is approximately 4-6 months, compared to an industry average of 8-10 months.

According to research by Western Securities(西部证券), the global pet market reached USD 261 billion in 2022, with a year-on-year growth of 12.5%. The global pet industry is expected to maintain a compound annual growth rate of 6.1% from 2022 to 2027, reaching an estimated market size of USD 350 billion by 2027. In 2022, the Chinese pet product market was valued at USD 5.345 billion, accounting for 11.21% of the global market share. The pet product industry is highly competitive, with well-known brands both domestically and internationally, including Greenies、Petmate、Mars Pet、HelloJoy、L&W BROS(来旺兄弟)、PETKIT(小佩),and others.

Currently, Pet Marvel are building their industry advantage in various ways. They are expanding their production capacity, upgrading equipment, and establishing a global warehouse and distribution system to ensure they can export products to key regions such as North America, Southern Europe, and Australia. Additionally, they are collaborating with Alicloud(阿里云) and Amazon Web Services(AWS) to ensure a seamless experience for their overseas users using the Pet Marvel feeding app for smart feeding.

The funds raised in this round will be used for product research and development, supply chain upgrades, global brand expansion, and marketing efforts.