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Epet.com Raises US$50 Million Series B Financing Led by IDG, Advancing Global Supply Chain Network to Help Global Players Enter Chinese Market
CHONGQING, China, Aug. 8, 2017 /PRNewswire/ -- Epet.com, a leading pet products e-commerce platform recently announced that it has raised US$50 million series B funding led by IDG Capital. Epet.com will use this new capital to advance its global supply chain and to open new opportunities for global industrial players to discover China's pet market.
A leader in China's pet industry, Epet.com is the first pet products e-commerce platform to own and operate independent logistics and warehousing services in China. Launched in 2009, Epet.com now has a top 10 bestselling list filled with foreign brands. The company's sales volume exceeded 500 million yuan (US$74.6 million) and has maintained a high growth rate of 200 percent for six consecutive years.
"It's a great honor to be invested by IDG Capital. It's a recognition of our value in the industry," said Xiao Yu, Founder and CEO of Epet.com. "With the IDG's strength in capital and channels, we will further integrate global resources and realize a differential service to find more opportunities for our international partners to enter China, where the pet industry has enormous potential."
The Chinese pet industry has experienced a compound growth rate of 49.1 percent from 2010 to 2016. In 2016, the overall volume of the pet consumer market reached 122 billion yuan (US$18.10 billion) with only 6 percent of the population owning pets and is estimated to exceed 200 billion yuan (US$29.67 billion) by 2020. (Source:2016 Chinese Pet Market White Paper, American Pet Products Association & Europe Economics)
"IDG Capital's involvement in epet.com is taking precedence in the industry." Xiao said.
The company's strategies have given it an advantage in the premium pet market. The company, in the next decade, will continue to expand its global supply chain to open new overseas branches in addition to Hong Kong and the U.S. with plans to enter the European Union, introducing more premium products from the international market to China.
Launched in 2009, Epet.com is a pet products e-commerce platform launched by Chongqing Epet Technology Co., Ltd. It now sells more than 30,000 pet products consisting of 748 brands with 2.3 million registered users and 100,000 daily active users.
For more information: http://www.epet.com/aboutus.html
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