Petcube Secures $10 Million Investment to Fund New Products
Petcube has raised $10 million in Series A funding from Almaz Capital AVentures and Y Combinator, with participation from other investors. The funding will be used to expand new product development, marketing, and sales distribution in North America and international markets.
Petcube offers innovative products, like interactive pet monitors, that solve the challenges faced by busy pet owners who have to leave their pets at home because of work or travel, or have pets with special needs.
Petcube customers are active users of a large and growing category. More than 100,000 device owners interact with their pets remotely an average of 50 minutes per week, at a high frequency of eight times per week.
"Five years from now, nearly 40 million pet households will use a connected pet device. That's half of the U.S. pet population," said Yaroslav Azhnyuk, CEO and co-founder of Petcube. "We are committed to driving innovation for this large and growing community, by designing products that enable pet parents to give their pets the best, while also ensuring their health, wellness and safety."
Petcube's market expansion plans with the funding also align with its social mission to support animal welfare and improve the lives of pets everywhere. Through partnerships with rescue organizations like the SF SPCA and natural health pet food brand Wellness, Petcube is building an intelligent platform for pet care, and will continue these types of collaborations to better the wellness of pets everywhere.
Petcube is currently distributed in 18 countries in over 5,000 retail locations in North America, Europe and Asia Pacific, and sells online via Petcube.com and Amazon. The company was launched as a Kickstarter campaign in late 2013. Since its founding, Petcube has launched three interactive pet camera products, and has raised a total of $14 million.