VETRESKA Singapore-based Subsidiary Raises US$50 Million To Streamline Business

SHANGHAI, Oct. 20, 2022 /PRNewswire/ -- VETRESKA FUTURE PET FOOD, the Singapore-based subsidiary of leading Chinese pet lifestyle brand VETRESKA, recently received a US$50 million strategic investment from Quest FoF, the VCC of a major Pan-Asian Agri-Food conglomerate. Earlier this year, the parent company of VETRESKA also announced that it had completed three rounds of funding, raising an undisclosed eight-figure USD sum over a two-year period. The strategic investment allows the creative and branding nous of VETRESKA to now be complemented by the upstream foundation of its new investor.

VETRESKA co-founder and CEO Donald Kng said, "We are very excited to receive this level of recognition from our experienced investment partners. Since our inception in 2017, VETRESKA has achieved strong growth worldwide. Today as we stand on the precipice of the next step forward as a company, we believe that this new joint venture will not only serve as a catalyst on which we propel ourselves forward, but also the ideal vehicle with which we effectively solve our past upstream deficiencies. 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, enabling us to have greater operational dynamism as we look towards the next five years."

Tandip Singh, advisor to Quest FoF, said, "After a thorough analysis of the global high-end pet food and supplies industry, VETRESKA stood out from a number of pet brands with its forward-thinking product concept alongside precise insights into and understanding of the industry's major trends. This collaborative partnership between VETRESKA, the branding and marketing savant of the pet industry, and Quest FoF, with its resounding affiliation to the leading, Pan-Asian, industrial agri-food company dedicated to upstream feed production and breeding farms across all essential proteins, will bring a new dimension to the pet industry throughout the Asia-Pacific region."

Across-the-board Upgrade of Industrial Chains

Upon completion of this strategic investment, VETRESKA's pet supplies and pet food divisions will be spun-out as two stand-alone businesses. In line with the group's roadmap for the next stage of growth, the new Singapore subsidiary, VETRESKA FUTURE PET FOOD, will fully manage the pet food business as part of the company's multi-brand portfolio. Through this new business and organizational restructuring, the group is able to make its management more efficient, brand and product distribution more targeted, and the range of pet foods and supplies made available to consumers worldwide more comprehensive and professional.

In addition, VETRESKA will leverage the rich resources of its strategic partners in procurement, production and processing of global food raw materials, to build a high-quality overseas pet food supply chain system, as well as boost R&D through collaborative efforts with well-known research and academic institutions, including professional veterinary channels in Singapore and veterinary institutions of top universities worldwide. Combining new trends in the pet food industry and the latest research results in animal nutrition and animal behavior, the company is on track to develop a more comprehensive product matrix, meeting the feeding needs of global consumers.

Rapid Global Business Expansion

The previous three financing rounds earlier this year fueled VETRESKA's rapid expansion and growth in the global markets. In August of this year, VETRESKA established an Overseas Headquarters in Singapore, building a strong team specializing in business development, direct-to-consumer (DTC) operations, branding and marketing, in a move to connect its core business and supply chain capabilities in China to its brand expansion plans globally. In the same month, VETRESKA opened its New York office and took part in SUPERZOO, the largest pet tradeshow in the US.

In 2022, VETRESKA's online business, including its website for North American markets and its flagship store on Amazon, has been growing rapidly. The firm has partnered with major retail chains and department stores in many countries and regions, most notably in North America, Southeast Asia, Japan and Korea, paving the way for the company's next stage of overseas business expansion.

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About VETRESKA

Founded in 2017, VETRESKA is a fast-growing pet lifestyle brand in China. Drawing inspiration in everything that has been invented to make life for mankind more enjoyable and comfortable, VETRESKA strives to present pet lovers with products that incorporate a fun yet functional design, empowers them to share the delight of life and living with their pets.

Since inception, the brand has developed a line-up of popular products, many of which have become bestsellers, including Soil-free Cat Grass, Oasis Cactus Cat Tree, Watermelon Kitty Kove, and Bubble Pet Carrier.

From 2021 to June 2022, VETRESKA closed three financing rounds, of which, Series B3 was led by Altrui Investment, with significant investment from BOJIA Capital. Series B2 was fully subscribed by existing shareholder Clearvue Partners, and Series B+ was exclusively invested by existing shareholder BOJIA Capital. In 2020, VETRESKA raised US$20 million in two financing rounds, of which, Series B was led by private equity firm Clearvue Partners, while Series A2 at the beginning of the year was led by China Growth Capital and followed by SIG China, which had oversubscribed in the Series A+ financing round. Earlier investors include Galileo Venture, IDG Capital and Hejun Capital.

SOURCE VETRESKA