Company Name: PetCloud launches $2m equity crowdfunding campaign to grow market share in booming pet industry
Announcement Date: 18/05/2021
Announcement Category: Investment
● The dot com pet startup is seeking $2 million to gain more market share
● Australians spend over $13 billion on their pets each year
Australia’s leading pet services platform PetCloud has kicked off a $2 million equity crowdfunding campaign offering everyday investors the chance to own a slice of the booming billion dollar pet pie.
PetCloud CEO and Founder Deb Morrison said the crowd raise, being offered through equity crowdfunding platform Birchal, was an opportunity for investors to buy into a homegrown startup that’s growing rapidly off the back of Australians’ love affair with their animals.
“We are absolutely obsessed with our pets, they are part of the family and we spare no expense when it comes to making sure our fur babies are happy and healthy. On average, Australians spend more than $13 billion on pet care annually, which is around 10 per cent of the estimated A$130 billion spent globally on pets,” Ms Morrison said.
“Australia has one of the highest rates of pet ownership in the world and thanks to the pandemic, which reminded us how much we need pets in our lives, even more Australians have welcomed a pet into their home. At last count, there were around 30 million animals living in two-thirds of Australian households. With more pets than people in Australia, pet services will always be in demand. PetCloud satisfies this growing demand by tapping into the gig economy to ensure that all pet parents can access trusted pet care in their community.
“With pet ownership on the rise, spending on pet care and services is also on the up. Overall spending on pets in Australia has gone up every year since 1994 and it has grown 4.6% annually over the past 10 years, which is three times faster than overall consumer spending.
“For PetCloud, even with COVID slowing momentum last year, net sales tripled from 2017-2020 as the platform grew at a compound annual growth rate of 48 per cent, while active users on the platform have risen by 44 per cent on average year on year.”
The pet platform – like Airbnb, TripAdvisor and UBER for pets – offers a raft of services to travelling or time-poor pet parents including pet sitting, house sitting, dog walking, doggy day care and pet taxis.
Ms Morrison came up with the idea when she couldn’t find anyone to look after her dog while travelling for work. She sold her home to fund the launch of the site in 2015 and with RSPCA Queensland onboard as a partner, PetCloud fast became Australia’s most trusted pet sitting platform.
“As a dog owner, I know how much people love their pets so the most important element of this business has always been making sure that it is a trusted service. Right from the beginning we partnered with Australia’s most respected animal welfare charity, RSPCA Queensland, to ensure that PetCloud is the most responsible and caring pet platform in Australia. All our sitters, walkers and drivers have had police checks, are trained in animal handling and insured. They are also animal-lovers who go above and beyond to look after other people’s pets as if they were their own. PetCloud is home to more than 120,000 of Australia’s most passionate pet people,” Ms Morrison said.
While PetCloud has had success with seed rounds in recent years including investment from F45’s founding investor Marc Marano, and Scale Investors, who invest in exceptional female founders, one of the main reasons she launched a crowdfunding campaign was to level the investment playing field.
According to Birchal, female-led or female co-founded businesses have raised around 25 per cent more in equity crowdsourcing campaigns, and attracted more than three times as many investors than businesses that did not have a female founder or co-founder.
This bodes well for crowdfunding investors as startup statistics also show that female-led companies are a better investment, that generate higher returns, in a shorter period of time.
Another reason Ms Morrison turned to crowdfunding was to continue to scale the startup while retaining its social impact status.
“One of the most important aspects of a crowdfunding campaign is that it allows us to grow the business in a way that won’t compromise its core values of being a social impact organisation and also ensures that PetCloud remains Australia's most trusted pet services platform,” Ms Morrison said.
“As a social impact startup, PetCloud has a positive impact on the lives of people and pets. Every day, we hear stories from PetCloud’s community about how working with animals has enriched their lives whether it has helped someone struggling with depression find work that gets them out of bed in the morning or given a single mum or senior some financial freedom. I’m particularly proud of the work we do with NDIS providers which ensures that everyone can enjoy the companionship of a pet, and victims of domestic violence who can turn to our pet sitters to keep their animals safe while they access the care and support they need.”
With impact investing on the rise, particularly in the wake of the pandemic, Ms Morrison hopes the crowdfunding approach will be well received among everyday investors and Family Offices increasingly interested in good investments that are also a social good.
Expressions of interest in PetCloud’s equity crowdfunding campaign are only open for a short window until 7 June 2021- for more information visit Birchal. Investment is also open to those from outside Australia.
Fur baby facts and figures:
● PetCloud has more than 120,000 active subscribers
● PetCloud’s network of more than 30,000 sitters is the largest in Australia and includes vets and vet nurses
● Australian pet parents have used the site to make more than half a million bookings, mostly for pet sitting and house sitting
● At the start of 2021, PetCloud launched Australia’s first animal-only rideshare service – PetCloud’s pet taxi app, a national pet-friendly directory, and an e-commerce store filled with the perfect gift for pet lovers and their pets
● PetCloud.com.au has received more than 3.4 million sessions
● PetCloud empowers thousands of women across the country with jobs and financial independence
● Australia has one of the highest rates of pet ownership in the world
● About two thirds of Australian households own pets
● With around 30 million pets in Australia, there are more pets than people
● Dogs are the most common pet, there are around 5 million pet dogs in Australia, with about 38% of households owning a dog
● With 4 million pet cats in Australia, cats are the second most common pet – around a third of Aussie households own a cat
● Dog owners spend around $2000 a year on their dogs including $600 on food and $400 on vet services
● Australians spend more than $13 billion on pet products and services annually, which is around 10 per cent of the estimated A$130 billion spent globally on pets
● It’s estimated that holidaying Australians spend more than half a billion dollars annually on pet boarding and minding services
● Forecasts predict the global pet care market annual spend will reach AUD $465 billion by 2027 - a compound annual growth rate of 6%
THIS ANNOUNCEMENT WAS MADE ON THE COMPANY'S BEHALDF BY THE TECHBOARD TEAM FROM THE COMPANY'S PRESS RELEASE.
Announcement URL: https://www.birchal.com/company/petcloud
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