Updata Partners Leads $18 Million Investment in Pet360, Inc.
PHILADELPHIA, June 28, 2011 /PRNewswire/ — Pet360, Inc., the leading online pet information, community and commerce company, today announced it has closed an $18 million growth equity investment led by Updata Partners, with participation from current investor LLR Partners. Pet360, Inc. is the parent company of pet food and supplies site PetFoodDirect.com, pet health and medication site NationalPetPharmacy.com, and comprehensive pet wellness information site petMD.com. The funding provides capital to further differentiate the organization and further accelerate the growth, expansion and positioning of Pet360.
“Our growth equity investment in Pet360, Inc. represents our confidence in its portfolio of leading online pet brands and the significant opportunity for growth,” said Conor Mullett of Updata Partners, a leading growth equity firm based in Virginia and New Jersey. “Pet360 has a highly experienced management team, a solid operational structure and a loyal customer base. We look forward to furthering the success they have achieved as a fast-growing company.”
Sixty-three percent of U.S. households have a pet, representing approximately 75 million dogs and 85 million cats(1). In 2010, $48 billion was spent on food, supplies, services and over-the-counter medications in the U.S. alone(2). Addressing this substantial market, Pet360, Inc. provides a trusted all-in-one company that informs, educates, and rewards pet parents every time they have needs beyond the vet office.
“Updata Partners has the seasoned talent, connections and operational expertise to help capitalize on how pet owners are gathering information, socializing together, and purchasing products within the digital landscape. Updata’s digital commerce and technology investment track records speak for themselves, and we look forward to working with their team,” said Brock Weatherup, Chief Executive Officer Pet360, Inc.
About Pet360, Inc.
Pet360, Inc. is a company dedicated to pets and their pet parents by connecting community, content, and ecommerce beyond the vet. The company operates: www.PetFoodDirect.com – the most complete pet food and supply retailer online; www.NationalPetPharmacy.com – a fully certified, full-service pet pharmacy delivering pet meds, vitamins and comprehensive pet health and wellness products; and www.petMD.com – a leading pet health information resource. The company is headquartered are in Plymouth Meeting, PA.
About Updata Partners
Updata Partners is a leading technology-focused growth equity firm with nearly $500 million of capital under management. Updata invests in high-growth software, Internet, and technology-enabled services companies with innovative intellectual property and market-leading solutions. Led by an investment team averaging more than 20 years of experience in the technology industry, Updata seeks investments where the combination of the firm’s financial backing and the operating expertise of their partners will accelerate growth.
About LLR Partners
LLR Partners, a leading private equity firm based in Philadelphia, PA, provides capital to middle market growth companies with proven business models in a broad range of industries including financial, health care and business services, information technology, and education. With over $1.4 billion under management, LLR is flexible in its approach, taking minority or majority positions, and investing in transactions ranging from expansion and growth capital to recapitalizations and buyouts.
(1) American Veterinary Medical Association
(2) American Pet Products Association
Pet360 Inc. – Andrea Riggs
Updata Partners – Linda Maddox
SOURCE Pet360, Inc.