Portuguese Barkyn closed a five million euro Series A investment round, announced Stephan Morais, managing partner of Indico Capital Partners, at the Collision from Home event (the exclusively online version of the Web Summit’s sister event, Collision), which runs since Tuesday.
The startup that delivers personalized pet food and provides a 24-hour veterinary assistance service in Portugal, Spain and Italy, now wants to create its own line of dog food and toys. This is what the round led by the Portuguese Indico and the Spanish venture capital company All Iron Ventures will be used for, which also included the participation of Portugal Ventures and the 200M Fund.
“The pet market is expanding worldwide, being the fastest growing online category in the consumer goods sector. We want to provide Barkyn’s exceptional experience to the largest number of families and their pets, creating a great brand that solves the current fragmentation of service offerings in the animal care market – in a monthly delivery, all your dog’s needs are solved ”, Says André Jordão, Barkyn’s founder and CEO.
Last year, Barkyn received an investment of 1.7 million euros led by Indico Capital Partners and since it appeared in 2017, it has delivered meals to 40,000 families with pets. As for the quarantine caused by the Covid-19 pandemic, the startup led by André Jordão reveals that it ended up having a positive impact on the business, “due to the fact that it is an exclusively online company, with many customers transferring their
your purchases from physical to online retail at Barkyn ”.
With the round released this Thursday, Barkyn also hopes to be able to increase market penetration with
new customer segments within the countries where they operate. “Barkyn already operated in a fast-growing market and is currently a clear winner with the growth of online commerce,” says Stephan Morais in a statement, managing general partner at Indico Capital Partners.
Hugo Mardomingo, director of the Spanish company All Iron Ventures says that “André brings a new approach to the pet industry, solving the challenges faced by owners with products and services directly to the consumer”.
Rui Ferreira, vice-president of Portugal Ventures, adds that “Barkyn, which in three years won over 44,000 customers and with three times the growth compared to the previous year, is an excellent example of the projects in which Portugal Ventures intends to invest : companies with ambition, that scale both nationally and internationally ”.
Barkyn has a portfolio of more than 30 pet products, including food formulas, snacks and additional supplements. Founded in 2017 by André Jordão and Ricardo Macedo, it raised, in total, an investment of more than 7.8 million euros.