Pet Food Direct Takes In $10M For Expansion
June 18, 2007, Harleysville, Pa. - Pet Food Direct Inc., an online retailer for pet food and supplies, hasraised $10 million to expand the company's advertising and marketing.
This $10 million funding, which was raised exclusively through private equity firm LLR Partners, most closely resembles a Series F round for the company, said company Chairman and Chief Executive Geoff Walker. Founded in 1999, Pet Food Direct previously took in about $10 million in a Series A round that closed in 2000 and roughly $6 million after that. This is the first significant institutional capital for the company, Walker said, which previously was funded mostly through angel investors.
In addition to advertising and marketing, Harleysville, Pa.-based Pet Food Direct also plans to use this funding for new products and services, adding to its senior management personnel and for improvements to its current infrastructure, including database and warehouse equipment enhancements. Walker said the company serves customers nationally through its two Web sites, PetFoodDirect.com and NationalPetPharmacy.com.
"I'm not concerned we will have additional need for capital in the short term," Walker said of the profitable company. Pet Food Direct "potentially" could raise additional funding for additional growth or acquisitions of pet-related catalogs or Web businesses, he said.
http://www.petfooddirect.com
http://nationalpetpharmacy.com