Silvertree Capital, the investment arm of Silvertree Internet Holdings, is backing online pet food and accessory retailer Pet Heaven in an undisclosed expansion capital deal. Along with the capital, Silvertree anticipates helping Pet Heaven’s growth plans by leveraging the synergies of other companies in its portfolio.
Customers sign up for delivery of the South African startup’s high-end products on a recurring subscription basis and benefit from free delivery. According to reports, Pet Heaven has grown its revenue by 150% year-on-year for the past two years.
“We have been blown away with what the team have already achieved, and we’re excited about Pet Heaven’s business, as well as the opportunities for collaboration between Pet Heaven and other ecommerce companies in which we have invested,” Paul Cook, a Director at Silvertree. “Pet Heaven has already proved that it’s entirely possible to make money in niche ecommerce in South Africa, through disciplined, lean execution – and there’s lots more to come.”
The fresh capital will be used to boost the company’s marketing efforts, offer a broader range of products, improve its technology platform and recruit additional team members to build market share across South Africa.