The Singaporean subsidiary of VETRESKA, a Chinese pet lifestyle brand, has received a $50-million strategic investment from Quest FoF, the venture capital (VC) arm of a major pan-Asian agri-food conglomerate.
The subsidiary, VETRESKA FUTURE PET FOOD, will use the funds in the production and processing of global food raw materials, advancing its supply-chain system, and boosting R&D by collaborating with global veterinary channels and institutions, according to the company’s announcement.
“Our pet supplies and pet food businesses will be spun off into two separate entities and teams, each of which will be led by a more focused and professional team,” said VETRESKA co-founder and CEO Donald Kng. Upon completion of the investment, the Singapore-based subsidiary will manage the pet food business entirely.
China’s pet industry was worth nearly 300 billion yuan ($41.4 billion) in 2020 and may hit 445.6 billion yuan ($61.5 billion) in 2023, according to a report by Chinese market research and consulting company iResearch. Purchase of pet-related products also soared online since the pandemic encouraged online shopping habits, the report said.
The parent company VETRESKA, which was founded in 2017, closed its most recent fundraising round in June this year. The Series B3 round was led by Singaporean family office Altrui Investment Management and followed by investment firm BOJIA Capital.
Some of its other backers include Chinese private equity (PE) and VC firms Clearvue Partners, IDG Capital, Hejun Capital, and China Growth Capital as well as Australian-based seed VC firm Galileo Ventures.