Brazil’s Petlove raises $150 million

Sao Paulo-based Petlove closed a $150 million Series C funding round, bringing its total funding to $226 million. Investors include Riverwood Capital which led the round and SoftBank; among others.

Founded in 1999, the company (around 570 employees) operates an online store offering pet products and services. We covered the company back in April when the company announced its merger with Health for Pet, a branch of Porto Seguro. The latter holds a 13.5% stake in Petlove and, in return, transferred the ownership rights of Health for Pet to the e-commerce company.

This alliance saw the launch of Porto.Pet, a service that replaced Health for Pet’s insurance activities and is now a part of the Petlove ecosystem; having Porto Seguro as a strategic shareholder.