Barkyn closes Series A to further expand
holistic offering to the pet care market
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Dear Friends and Supporters,
You must be tired of gloomy news, we certainly are! So we hope you enjoy the announcement below - dogs would, if they could read.
Best regards,
Stephan Morais
Managing General Partner
Indico Capital Partners
www.indicocapital.com
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€5 million investment round led by Indico Capital Partners and All Iron Ventures
Porto and Toronto, 25th of June 2020 – Barkyn, the Portuguese start-up that delivers personalized dog food plans and 24h online vet assistance to its dog customers in Portugal, Spain and Italy just announced its Series A round totalling €5 million at Collision from Home through Stephan Morais, the Managing Partner of lead investor Indico Capital Partners. The round was co-led by All Iron Ventures with participation of Portugal Ventures and the 200M fund. After the €2.8 million seed investment led by Indico in mid-2019, this investment round is aimed mostly at completing the transition from third-party brands to its own, already successful, product offering.
Barkyn is currently operating in Italy, Spain and Portugal and has already served more than 40,000 pet-families since it began its operations. The start-up grew its revenue 3-fold in the first quarter of 2020 when compared to last year’s numbers, translating into 145 tons of dog food sold in March 2020 alone. The impact of the lock-down was positive for the business given its online nature, with many new customers transitioning from offline to online purchases.
The investment will be used to accelerate the transition into Barkyn’s own range of products, expand the range itself and to further enhance the unique and integrated experience Barkyn pet-families already experience. The company also expects to increase penetration into new segments of customers within its current countries.
In André Jordão´s words, Barkyn’s founder and CEO, “The pet market is booming worldwide and is now one of the highest growing markets in terms of consumer goods online. We want to deliver the exceptional Barkyn experience to the maximum number of pet-families and build a great brand and service by solving the market fragmentation of pet care. We’re building the future of e-commerce with extreme personalization and convenience”
For Stephan Morais, Managing General Partner at Indico Capital Partners, “Barkyn was already operating in a fast-growing industry and is a clear winner given the current situation. We are excited to back the next phase of expansion of Barkyn’s hyper-personalised offer of dog products and services, including their branded products. The extremely high customer satisfaction is a reflection of the team’s ability to execute”.
Hugo Mardomingo, Director at All Iron Ventures, commented that “André is bringing a new approach to the pet industry and solving pet owners' life with “direct to consumer” products and services. We are delighted to back a team that perfectly understands how to transform such a fast growing market with scalable products that customers love”.
According to Rui Ferreira, Vice President of Portugal Ventures “Barkyn has in the past 3 years acquired more than 44,000 clients as well as tripling growth year on year, as of Q1 2020. Making it an excellent example of the type of projects that Portugal Ventures aspires to invest in this being ambitious companies that do not only scale nationally but do so internationally. It is with the greatest of hopes that we have invested in this new round of funding in a period of unobstructed growth for Barkyn in european markets.”
Barkyn has created a portfolio of over 30 products, including food formulas, snacks and supplements in addition to its very successful 24/7 online vet support that makes it very attractive for dog owners. The company was founded in 2017 by André Jordão and Ricardo Macedo, and has raised to date over €7.8 million.
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For further information:
press@indicocapital.com
https://www.indicocapital.com/
About Indico Capital Partners
Launched by Indico Capital Partners, the Indico Capital Partners VC I fund is dedicated to early stage tech start-ups. The management team is composed of Stephan Morais, Ricardo Torgal and Cristina Fonseca. With commitments totaling 54 million euros, the fund’s objective is to find, invest and capitalize on the most promising Iberian start-ups, investing between 150 thousand to 5 million euros. Indico Capital Partners is also a signatory of the Principles for Responsible Investment.
About All Iron Ventures
All Iron Ventures is a venture capital investor promoted by the founders of Ticketbis (sold it to eBay in 2016) that mainly invests in marketplace, subscription and e-commerce business models, in both Europe and the Americas. All Iron Ventures puts its experience creating, scaling and selling companies at the disposal of its partner entrepreneurs to help them take their businesses to the next level. More information available on http://www.alliron.vc
Horizonte 2020, EFSI and Portugal Tech
T he fund is invested in by InnovFin Equity, with the financial support from the European Union through the financial instruments provided by Horizonte 2020 and the European Fund for Strategic Investments (EFSI), created within the purview of the Investment Plan for Europe. The goal of the EFSI is to help support the financing and execution of productive investments in the European Union and grant greater access to financing. It is also co-financed by Fundo de Capital e Quase Capital (FC&QC) managed by IFD - Instituição Financeira de Desenvolvimento, S.A. under the purview of Portugal Tech which is managed by European Investment Fund (EIF).
About Portugal Ventures
Portugal ventures is a venture capital firm with the majority of their funding coming from public entities, it invests in start-ups with global ambitions. We invest in start-ups based and with operations in Portugal investing digital, engineering & Industry, life Sciences and tourism start-ups. Since 2012, we have invested a total of 141 million euros with more than 125 new companies.
About 200M Fund
200M Fund is wholly funded by European Structural and Investment Funds, namely European Regional Development Fund, under the Portugal 2020 Partnership Agreement and through the Regional Operational Programs of the North, Center, Alentejo, Lisbon and Algarve. 200M Fund is an equity and quasi-equity fund whose purpose is to invest in small and medium enterprises (SMEs), in co-investment with the co-investors in order (i) to stimulate the incorporation and/or capitalization of companies, especially those in the early stages (seed, startup, later stage venture - series A and B); and (ii) to promote the growth of venture capital in Portugal by mobilizing specialized Portuguese and international venture capital companies that, in addition to financial investments, help companies obtaining knowledge and technical, commercial and financial expertise.
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