A Chinese Millennial Pet Lifestyle Brand Closed Series B Financing by ClearVue Partners
SHANGHAI, Dec. 21, 2020 /PRNewswire/ -- ClearVue Partners ("ClearVue"), a consumer sector focused private equity fund, announced that it has successfully completed a $20M Series B Financing for VETRESKA as the lead investor. The financing will accelerate VETRESKA's growth and boost both brand building and international market expansion.
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Founded in 2017, VETRESKA is a leading pet lifestyle brand targeting millennial and Gen Z consumers in China. With the management team's strong expertise in product design, brand building and distribution network, VETRESKA has achieved remarkable topline growth and distinctive leading position in China's fast-growing pet consumption market within the last two years. The pet industry in China is expected to grow from USD 30 Billion to USD 67 Billion in the next 5 years. VETRESKA has successfully established a comprehensive distribution network with over 40,000+ pet stores in 33 provinces across China and has become one of the most favorable pet brands for young Chinese pet owners.
Donald Kng, VETRESKA's founder and "Forbes Asia 30 under 30" awardee, said, "The Chinese pet market has grown exponentially over the past decade, creating a great market opportunity to develop a major brand. By incorporating unique and fun designs into pet products that speak to the emotional side of young pet owners, we are confident that our innovation, accessible distribution, and a consumer-centric value system will be significant competitive advantages for us moving forward. With the backing of ClearVue Partners, we will be able to expand our network in global markets and seek crossover collaborations with world-class consumer brands."
"We are extremely excited about China's consumption story, one of the most important investment themes globally over the next decade," said William Chen, Founding Managing Partner of ClearVue. "VETRESKA is undoubtedly a pioneer and industry leader in the emerging pet era with its unique product innovation capabilities and global vision. With ClearVue's expertise and unparalleled experience in building brands, we will support VETRESKA to accelerate its growth and capture the vast opportunity in China for leading domestic brands."
Since its founding in 2012, ClearVue has focused on the growth of consumption in China, with a particular interest in investing firms tapping the country's consumption upgrade, including those that are focused on consumer lifestyles, health and wellness, and the digital consumer.