Pet Circle keeps billion-dollar valuation in raising from one investor

The funding round values the company over $1 billion.Pet Circle, the Australian online pet supplies business, has dodged a funding crunch that killed high-profile peer :Different on Friday, after investors from the United States swooped in with a $75 million injection.

Pet Circle CEO Mike Frizell, pictured with Cavalier King Charles spaniel Chewie, says the outlook for his company is one of continued and rapid growth.“We weren’t looking to raise as we had a strong cash runway from our 2021 round. Prysm approached us to offer follow-on funding to our Series C and given the tight capital market conditions right now and the significant opportunity in front of us, we decided to secure the capital now,” he added.

Its latest funding is understood to retain a valuation of $1.125 billion. But it is notable in being a smaller cheque size than its previous round – unusual in scale-up tech firms – and features only Prysm, rather than a broader roster of its investors, which include AirTree Ventures and“We first invested in Pet Circle’s Series A round, and it’s now at almost 35 times that initial valuation,” said AirTree partner James Cameron.

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