Pet Circle keeps billion-dollar valuation in raising from one investor
Key Points
- Pet Circle has closed a funding round of $75 million from an existing investor.
- The funding round values the company over $1 billion.
- Other start-ups, like :Different, are starting to collapse in a tighter funding market.
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.
The company confirmed over the weekend that it is in the final stages of closing a funding deal with one of its pre-existing investors Prysm Capital, a deal flagged by The Australian Financial Review’s Street Talk column. Pet Circle chief financial officer Paul Jamison said the company had raised the funding because it was useful rather than necessary.
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