Portuguese startup Barkyn, which delivers personalized pet food and veterinary assistance 24 hours a day in Portugal, Spain and Italy, closed a Series A investment round worth a total of five million euros.
The closure of the series A round was announced at the Collision from Home event, brother of the Web Summit in Toronto, by Stephan Morais, managing general partner of Indico Capital Partners, the fund that led the round. The round was also co-led by Spain's All Iron Ventures, with the participation of Portugal Ventures and the 200M Fund.
The current investment round serves as an opportunity for the startup created by André Jordão and Ricardo Macedo to complete the transition from selling third-party products to their own line of pet food and toys.
Barkyn currently operates in Italy, Spain and Portugal and has served more than 40 families and pets since 2017, when the company was founded. Since then, the startup has tripled its revenue in the first quarter of 2020, compared to the same period last year.
Despite the Covid-19 pandemic, the company guarantees that the impact of the quarantine in the countries where it operates has been positive for the business because it is a company exclusively will, with many families shifting purchases from physical retail to the model will from Barkyn.
In addition to the investment being used to accelerate the transition from third-party products to the Barkyn line, the company will also expand the product offering and improve the integrated experience that customers expect. The startup also expects to increase market penetration with new customer segments.
“The pet market is expanding worldwide, being the fastest growing category will in the consumer goods sector, ”says André Jordão, one of the founders and CEO of Barkyn. “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 resolved, ”says the CEO.
“We are building the future of commerce will with personalization and extreme convenience ”, defends André Jordão.
Stephan Morais, from Indico Capital Partners, argues that as the startup already operated in a fast growing market it is “currently a clear winner with the growth of commerce will". “We are excited to invest in the next phase of growth in the hyper-personalized offering of pet products and services. The high customer satisfaction is the best example of the team's ability to execute ”, says the managing general partner.
In turn, Hugo Mardomingo, director of All Iron Ventures, argues that Barkyn's CEO “brings a new approach to the pet industry, solving the challenges faced by owners with products and services directly to the consumer”. “We are excited to have bet on a team that knows how to capitalize on a fast growing market with scalable products that consumers love”, guarantees the director of the Spanish company All Iron Ventures.
Portugal Ventures Vice President Rui Ferreira, who also participated in the series A round, states that “Barkyn is an excellent example of the projects in which Portugal Ventures intends to invest: companies with ambition, that scale both nationally and internationally . It is with great expectation that we join this investment round, at a time of Barkyn's rapid growth in European countries ”.
Currently, the company has a portfolio with more than 30 products, including food formulas, snacks and additional supplements. Since 2017, the company has raised more than 7,8 million euros in investment.