ALPHAPET SUCCESSFULLY CLOSES FINANCING ROUND
AlphaPet, a Mountain Partners portfolio company, announces the close of EUR 10 million financing from a group of investors, including Mountain Partners. Additionally, the Munich start-up receives a three million working capital loan from the Deutsche Handelsbank.
AlphaPet was created a year ago from the merger of the two startups ePetWorld and Pets Premium. Marco Hierling, founder of Pets Premium, and Stefan Pfannmöller, founder of ePetWorld, have been jointly running the company since the merger.
The company is now the largest independent online provider of premium pet supplies in Germany and includes the brands Hundeland, Katzenland and Leinentausch as well as pets Premium, which continue to develop independently and together offer more than 250,000 products.
Pfannmöller states that AlphaPet will use the funds raised to expand its digital products such as their e-commerce platforms. Also, it aims to continue its expansion by acquiring other companies.
In the German start-up magazine Gründerszene, Hierling comments on AlphaPet’s expansion plans: “It is clear that the market is currently consolidating. Size therefore is relevant,” he states. However, AlphaPet does not mention any possible candidates for an acquisition yet.