Sinolove gets 100m yuan investment
Sinolove Technology Co Ltd, a business-to-business, or B2B pet healthcare company, announced Sunday it received 100 million yuan ($14.7 million) in investment from THG Venture and the SME development fund under the Ministry of Finance in its A-round financing.
Founded in 2014, Sinolove focuses on pet medical consulting, healthcare and pet behavior training. The company launched Lpet, an online platform to link the veterinary healthcare industry to product suppliers.
Sinolove CEO Jiang Qinjun said China's pet industry is booming in 2017, despite overall economic growth slowing down.Zhu Jiman, THG partner, said the B2B mode in the pet industry to integrate veterinary technology has profound potential to grow.
"Also in the past three years, Sinolove has been expanding at a promising speed," Zhu said. "It proved the business is pointing to a right path."
According to Zhiyan Consulting Group's report, the pet market in China between 2004 to 2014 expanded at the staggering speed of 60 percent every year. In 2015 the total consumption in the pet marked reached 97.8 billion yuan. The report predicted that consumption will hopefully top 200 billion yuan by 2020.
The company also announced its collaboration with JD.com, through which pet owners can book pet healthcare service through the e-commerce website directly.
